WLY(SZ:000858) Huaan Securities·2024-11-01 12:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to demonstrate high-quality growth, with Q3 2024 revenue of 17.268 billion yuan, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 5.874 billion yuan, up 1.34% [1] - The report indicates that the company's performance in Q3 2024 met market expectations, with a focus on maintaining pricing stability and managing inventory effectively [1] - The long-term growth potential of the company is promising, supported by strong brand power and strategic pricing policies [1][2] Financial Performance Summary - Q3 2024 revenue: 17.268 billion yuan (+1.39% YoY) - Q3 2024 net profit: 5.874 billion yuan (+1.34% YoY) - Revenue for the first three quarters of 2024: 67.916 billion yuan (+8.60% YoY) - Net profit for the first three quarters of 2024: 24.931 billion yuan (+9.19% YoY) [1] - The company expects to achieve total revenue of 90.21 billion yuan in 2024, with a year-on-year growth of 8.3% [4] - The projected net profit for 2024 is 32.820 billion yuan, reflecting an 8.6% increase YoY [4] Profitability and Valuation Metrics - Gross margin for 2024 is projected to be 76.4%, with a net profit margin of 36.4% [4] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 18.03, 17.49, and 16.12 respectively, indicating a stable valuation outlook [2][4]