WLY(SZ:000858) China Post Securities·2024-11-01 07:35Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved total operating revenue of 67.916 billion yuan and net profit attributable to shareholders of 24.931 billion yuan for the first three quarters of 2024, representing year-on-year growth of 8.60% and 9.19% respectively [3][4]. - The gross margin and net profit margin for the first three quarters of 2024 were 77.06% and 36.71%, showing slight increases compared to the previous year [3]. - The company has announced a shareholder return plan for 2024-2026, committing to a cash dividend of no less than 70% of the net profit attributable to shareholders, with a minimum of 20 billion yuan each year [4]. Financial Performance Summary - For Q3 2024, the company reported total operating revenue of 17.268 billion yuan and net profit attributable to shareholders of 5.874 billion yuan, with year-on-year growth of 1.39% and 1.34% respectively [3]. - The company’s cash flow performance in Q3 was strong, with cash receipts from sales reaching 28.211 billion yuan, an increase of 18.70% year-on-year [3]. - The forecast for revenue from 2024 to 2026 is 89.123 billion yuan, 93.713 billion yuan, and 103.155 billion yuan, with corresponding year-on-year growth rates of 7.03%, 5.15%, and 10.08% [5][8]. Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 8.37 yuan, 8.82 yuan, and 9.75 yuan respectively, with the price-to-earnings (P/E) ratios being 17.55, 16.66, and 15.06 [5][8]. - The net profit attributable to shareholders is projected to be 32.479 billion yuan, 34.219 billion yuan, and 37.856 billion yuan for the years 2024, 2025, and 2026, reflecting growth rates of 7.51%, 5.36%, and 10.63% [5][8]. Key Financial Ratios - The company’s asset-liability ratio stands at 20.0% [1]. - The report indicates a stable financial position with a projected return on equity (ROE) of 22.8% in 2024 [11].