Guilin Sanjin(SZ:002275) Tebon Securities·2024-11-01 02:35Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has shown a recovery trend in its main products, with significant growth in Q3 2024, achieving a revenue of 5.06 billion yuan (+15.71%) and a net profit of 0.83 billion yuan (+377.72%) [5][6] - The company is expected to maintain a high dividend payout ratio, with a proposed cash dividend of 1.47 billion yuan for the first three quarters of 2024, reflecting confidence in its stable profitability and financial health [7] - The company's net profit forecast for 2024-2026 is projected to be 4.6 billion yuan, 5.2 billion yuan, and 5.8 billion yuan respectively, with corresponding P/E ratios of 19, 17, and 15 [7] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 15.75 billion yuan (-3.49% YoY) and a net profit of 3.84 billion yuan (-3.28% YoY) [5] - The company’s industrial segment revenue for H1 2024 was 10.38 billion yuan (-5.6%), while the commercial circulation segment revenue was 0.22 billion yuan (-5.62%) [6] - The company’s total assets were reported at 3,934.30 million yuan, with a total market value of 8,737.15 million yuan [8] Earnings Forecast - The company is expected to achieve a revenue of 22.83 billion yuan in 2024, with a net profit of 4.59 billion yuan, reflecting a YoY growth of 9.1% [10] - The projected earnings per share (EPS) for 2024 is 0.78 yuan, with a gross margin of 74.9% [10] Market Performance - The company’s stock price is currently at 14.87 yuan, with a 52-week price range of 11.69-17.40 yuan [3][8] - The company has shown a relative performance against the CSI 300 index, with a 1-month absolute increase of 2.84% [4]