IKD(600933) Guoyuan Securities·2024-11-01 08:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][9]. Core Views - The company's Q3 2024 performance exceeded expectations, with revenue of 1.725 billion yuan, a year-on-year increase of 8.40% and a quarter-on-quarter increase of 7.33%. The net profit attributable to shareholders reached 292 million yuan, up 44.74% year-on-year and 34.02% quarter-on-quarter [1][2]. - The company has implemented a sixth phase of stock option incentives, involving 857 individuals, with a total of 8.032 million stock options granted, representing 0.82% of the total share capital. The performance targets for revenue growth are set at a maximum of +19.19% and +25.90% for 2025 and 2026, respectively [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 29.75%, an increase of 0.96 percentage points year-on-year and 2.09 percentage points quarter-on-quarter. The net profit margin was 17.34%, up 4.57 percentage points year-on-year and 3.20 percentage points quarter-on-quarter [1]. - The company reported a total revenue of 4.974 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 17.46%, and a net profit of 742 million yuan, up 24.13% year-on-year [1]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 7.041 billion yuan, 8.480 billion yuan, and 10.037 billion yuan, respectively. The net profits for the same years are expected to be 1.031 billion yuan, 1.232 billion yuan, and 1.485 billion yuan, respectively [3][4]. - The report anticipates basic earnings per share of 1.15 yuan, 1.37 yuan, and 1.65 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 13.4, 11.2, and 9.3 [3][4]. Cost and Expense Management - The company's expense ratios for sales, management, R&D, and financial costs in Q3 2024 were 1.18%, 6.77%, 5.48%, and -1.82%, respectively, showing a mixed trend compared to previous periods [1][2].