WLY(SZ:000858) China Post Securities·2024-11-01 07:02Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company achieved total revenue of 679.16 billion yuan and a net profit attributable to shareholders of 249.31 billion yuan for the first three quarters of 2024, representing year-on-year growth of 8.60% and 9.19% respectively [3][4] - The company has committed to a three-year dividend plan, ensuring that cash dividends will not be less than 70% of the annual net profit attributable to shareholders, with a minimum of 20 billion yuan each year [3][4] - The company reported a strong cash flow performance in Q3 2024, with cash receipts from sales reaching 282.11 billion yuan, up 18.70% year-on-year [3] Financial Summary - For the first three quarters of 2024, the company's gross margin was 77.06%, and the net profit margin was 36.71%, showing slight improvements year-on-year [3] - The company forecasts revenue for 2024-2026 to be 891.23 billion yuan, 937.13 billion yuan, and 1,031.55 billion yuan respectively, with corresponding net profits of 324.79 billion yuan, 342.19 billion yuan, and 378.56 billion yuan [4][7] - The projected earnings per share (EPS) for the next three years are 8.37 yuan, 8.82 yuan, and 9.75 yuan, with price-to-earnings (P/E) ratios of 18, 17, and 15 respectively [5][7]