Investment Rating - The investment rating for the company is maintained as "Buy" [1]. Core Views - The company has shown a high revenue growth of 61.6% year-on-year for the first three quarters of 2024, with a total revenue of 1.99 billion yuan and a net profit of 530 million yuan, reflecting a growth of 69.2% [4]. - The company is expected to benefit from strong demand in downstream industries and has established deep ties with major clients, leading to an upward revision of profit forecasts for 2024-2026 [4]. - The company has implemented a long-term incentive plan to boost confidence among its core team, aiming for significant revenue and performance growth over the next three years [6]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 820 million yuan, representing a year-on-year increase of 42.8%, and a net profit of 210 million yuan, up 41.8% [4]. - The gross profit margin for Q1-Q3 2024 was 39.5%, with a net profit margin of 26.7%, indicating a slight increase compared to the previous year [5]. - The company’s earnings per share (EPS) for 2024 is projected to be 7.05 yuan, with a price-to-earnings (P/E) ratio of 17.0 times [7]. Financial Forecasts - The company’s revenue is expected to grow from 2.80 billion yuan in 2024 to 3.85 billion yuan in 2026, with corresponding net profits increasing from 732 million yuan to 1.05 billion yuan [7]. - The gross margin is projected to improve slightly from 41.1% in 2024 to 41.4% in 2026, while the net margin is expected to rise from 26.2% to 27.3% over the same period [7].
嘉益股份：公司信息更新报告：2024Q3收入业绩延续高增，股权激励提振信心