NOBLIFT(603611) 西南证券·2024-10-31 14:44Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The logistics segment has seen a slight decline, leading to short-term pressure on Q3 performance. The company reported a revenue of 5.15 billion yuan for the first three quarters, a year-on-year decrease of 3.6%. The net profit attributable to the parent company was 360 million yuan, a year-on-year increase of 1.0%. In Q3 alone, revenue was 1.68 billion yuan, down 15.7% year-on-year and 2.7% quarter-on-quarter, with a net profit of 120 million yuan, down 10.7% year-on-year and 2.0% quarter-on-quarter [1][2] - The company has seen a significant improvement in gross margin due to changes in revenue structure, with a gross margin of 23.2% for the first three quarters, up 2.0 percentage points year-on-year. The net margin was 7.0%, an increase of 0.3 percentage points year-on-year. In Q3, the gross margin reached 26.3%, up 6.9 percentage points year-on-year and 4.3 percentage points quarter-on-quarter [1][2] - The company is actively expanding its large vehicle capacity and improving its product development and marketing system in response to the increasing electrification rate of forklifts in China, which reached 70.8% in the first half of the year, up 2.9 percentage points from the end of 2023 [2] Financial Summary - For the first three quarters of 2024, the company reported a revenue of 5.15 billion yuan, a decrease of 3.6% year-on-year, and a net profit of 360 million yuan, an increase of 1.0% year-on-year. Q3 revenue was 1.68 billion yuan, down 15.7% year-on-year, and net profit was 120 million yuan, down 10.7% year-on-year [1][2] - The company expects net profits attributable to the parent company to be 490 million yuan, 580 million yuan, and 680 million yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate of 14.2% over the next three years [2]