CSB(SZ:300718) Caixin Securities·2024-11-01 02:32Investment Rating - The report maintains a "Buy" rating for Changsheng Bearing (300718.SZ) [1] Core Views - The company achieved a slight revenue increase of 1.95% year-on-year in the first three quarters of 2024, with total revenue reaching 835 million yuan. However, the net profit attributable to shareholders decreased by 5.29% year-on-year to 169 million yuan [4][5] - The performance of the company's main products is differentiated, with automotive-related products showing strong growth while those related to construction machinery are declining [5] - The report forecasts revenue growth for the company, estimating revenues of 1.2 billion yuan in 2024, 1.5 billion yuan in 2025, and 1.85 billion yuan in 2026, with corresponding net profits of 248 million yuan, 303 million yuan, and 367 million yuan respectively [6][7] Financial Summary - For 2024, the company is projected to have a revenue of 1.2 billion yuan, a net profit of 248 million yuan, and an EPS of 0.83 yuan, with a P/E ratio of 20.72 [3][6] - The gross margin for the first three quarters of 2024 was 34.82%, a decrease of 1.42 percentage points year-on-year, while the net margin was 20.80%, down 1.17 percentage points year-on-year [4] - The company's total market capitalization is approximately 5.145 billion yuan, with a circulating market capitalization of about 3.338 billion yuan [1]