Shanghai RAAS(002252) Guohai Securities·2024-10-31 13:16Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][4]. Core Views - The company has entered a new development stage following a change in its controlling shareholder, with Haier Biological acquiring a 20% stake [3][4]. - The company reported stable revenue and profit figures for Q3 2024, with a year-on-year revenue increase of 6.39% and a net profit increase of 2.81% for the first three quarters [3][4]. - The report anticipates a steady growth phase for the company, supported by the new controlling shareholder [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.314 billion yuan, with a net profit of 1.838 billion yuan [2][3]. - In Q3 2024, the company reported a revenue of 2.062 billion yuan and a net profit of 597 million yuan, reflecting a year-on-year increase of 1.34% and 8.82%, respectively [2][3]. - The company's gross margin for Q3 2024 was 40.13%, a decrease of 0.57 percentage points year-on-year, while the net profit margin improved by 2.05 percentage points to 28.97% [3]. Research and Development - The R&D expense ratio increased to 4.11% in Q3 2024, up by 1.87 percentage points year-on-year [3]. Market Performance - The company's stock price as of October 30, 2024, was 7.40 yuan, with a market capitalization of approximately 49.12 billion yuan [3][4]. - Over the past 12 months, the company's stock has increased by 7.6%, compared to a 8.5% increase in the CSI 300 index [3]. Earnings Forecast - The report forecasts revenues of 8.65 billion yuan, 9.76 billion yuan, and 10.89 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.313 billion yuan, 2.653 billion yuan, and 2.991 billion yuan [4][7]. - The projected P/E ratios for the next three years are 21.23X, 18.52X, and 16.42X [4][7].