LZLJ(SZ:000568) Guoyuan Securities·2024-11-01 00:30Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company reported total revenue of 24.304 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 10.76%, and a net profit attributable to shareholders of 11.593 billion yuan, up 9.72% [2]. - In Q3 2024, total revenue was 7.399 billion yuan, showing a slight increase of 0.67% year-on-year, while net profit attributable to shareholders reached 3.566 billion yuan, up 2.58% [2]. - The company is adjusting its delivery pace due to market softness, focusing on improving operational quality and developing healthier channels [2]. - The gross profit margin for the first three quarters of 2024 was 88.43%, with a net profit margin of 47.70%, impacted by tax disturbances [2]. - The report highlights a decrease in expense ratios, with Q3 2024 net profit margin increasing by 0.90 percentage points year-on-year, attributed to lower expense ratios and increased investment income [2]. Financial Data and Valuation - The company is projected to achieve net profits of 14.258 billion yuan, 15.015 billion yuan, and 16.634 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.64%, 5.31%, and 10.79% [3]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated to be 14, 13, and 12 times, respectively, with a market capitalization of 199.5 billion yuan [3]. - The company's revenue for 2024 is expected to be 32.672 billion yuan, with a year-on-year growth of 8.07% [4]. - The report indicates a steady increase in operating cash flow, with a net cash flow from operating activities of 12.465 billion yuan for the first three quarters of 2024, up 37.69% year-on-year [2][4].