LXBY(002884) 国联证券·2024-10-31 13:30Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved revenue of 1.17 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 24%, and a net profit attributable to shareholders of 330 million yuan, up 18% year-on-year. The gross margin for the same period was 36.5%, down 1.6 percentage points year-on-year, while the net margin was 28.3%, down 1.4 percentage points year-on-year. The company is expected to benefit from the recovery of the U.S. real estate market and the active replenishment cycle, which will drive overseas demand for its plastic bathroom pumps [2][6]. Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 1.17 billion yuan, a 24% increase year-on-year, and a net profit of 330 million yuan, an 18% increase year-on-year. The gross margin was 36.5%, down 1.6 percentage points, and the net margin was 28.3%, down 1.4 percentage points. The company’s operating expenses ratio was 3.5%, down 0.2 percentage points [2][6]. - The company’s revenue projections for 2024-2026 are 1.58 billion yuan, 1.81 billion yuan, and 1.99 billion yuan, with year-on-year growth rates of 20%, 15%, and 10%, respectively. The net profit projections for the same period are 460 million yuan, 530 million yuan, and 580 million yuan, with growth rates of 20%, 15%, and 10% [2][6]. Market Conditions and Outlook - The company is expected to continue benefiting from the recovery of the U.S. real estate market and the active replenishment cycle, which is anticipated to drive demand for its products. The company has sufficient orders on hand, primarily due to the end of destocking in the U.S. and the strong growth in exports of plastic bathroom pumps [6][2]. - As of Q3 2024, the company’s contract liabilities amounted to 40 million yuan, a 57% increase year-on-year, and inventory was 280 million yuan, a 17% increase year-on-year [6].