Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that traditional cleaning revenue is under pressure, while intelligent cleaning is gradually showing potential [1] - The company is experiencing revenue and profit growth pressure, but its cost control performance is commendable [1] - The company is expanding its customer base and has begun collaborations with new players in the market, although competition is intensifying [1] Financial Performance Summary - For Q3 2024, the company achieved operating revenue of 241 million, a year-on-year decrease of 18.39% [1] - The net profit attributable to the parent company for Q3 was 46 million, down 8.69% year-on-year and 5.83% quarter-on-quarter [1] - The gross profit margin for Q3 2024 was 33.94%, reflecting a decrease of 3.33 percentage points year-on-year [1] - The company is expected to achieve operating revenues of 987 million, 1.17 billion, and 1.46 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 229 million, 276 million, and 319 million [3][4] Financial Ratios and Projections - The projected P/E ratios for 2024, 2025, and 2026 are 26.94, 22.39, and 19.32 respectively [3][6] - The company’s gross margin is expected to remain stable around 36% over the next few years [6] - The return on equity (ROE) is projected to be 17.2% in 2024, gradually decreasing to 16.6% by 2026 [6] Cash Flow and Investment Activities - The operating cash flow for 2024 is projected to be 199 million, with a net profit of 229 million [4] - Capital expenditures are expected to be 105 million in 2024, with a slight increase in subsequent years [4]
恒帅股份：Q3传统清洗营收承压，智能清洗逐步展现潜力