KINGCLEAN(603355) Tai Ping Yang·2024-10-31 14:43Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company,莱克电气, reported a rapid revenue growth in Q3 2024, with a year-to-date revenue of 7.246 billion yuan, representing a 25.23% increase year-on-year. The net profit attributable to shareholders reached 879 million yuan, up 10.53% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 2.497 billion yuan, a 16.87% increase quarter-on-quarter, and a net profit of 276 million yuan, reflecting a 24.96% increase [1]. - The report highlights that the company's net profit margin improved to 11.08%, an increase of 0.73 percentage points, attributed to effective cost control and significant gains from fair value changes [1]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 8.792 billion yuan, with a projected growth rate of 15.03% for 2024, reaching an estimated 10.114 billion yuan [3]. - The net profit for 2023 was 1.117 billion yuan, with an expected growth rate of 9.53% for 2024, leading to a projected net profit of 1.223 billion yuan [3]. - The diluted earnings per share (EPS) for 2024 is projected to be 2.13 yuan, with a price-to-earnings (PE) ratio of 11.90 [3]. Industry Outlook - The report expresses optimism about the domestic small appliance industry, anticipating recovery and growth driven by improving economic conditions and the expansion of the new energy vehicle market [1]. - The company is expected to maintain high-quality growth in its core component business through increased investment in channels and marketing [1].