Create Century(300083) Soochow Securities·2024-11-01 16:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant revenue growth, with a 17.59% year-on-year increase in revenue for the first three quarters of 2024, reaching 3.276 billion yuan. The net profit attributable to shareholders increased by 24.35% year-on-year to 202 million yuan, with a notable 89.59% increase in non-recurring net profit [2] - The company's gross margin improved slightly to 23.16% for the first three quarters of 2024, with a quarterly gross margin of 23.50% in Q3 2024, reflecting strong demand for its core product, the drilling and tapping machine [3] - The company is positioned as a leading domestic manufacturer of drilling and tapping machines, benefiting from the recovery in the consumer electronics sector, with a 180% year-on-year increase in shipments in the first half of 2024. The company has also seen rapid sales growth in its five-axis CNC machines, achieving nearly 60 million yuan in revenue, a year-on-year increase of over 516.21% [4] Financial Summary - For 2024, the company is projected to achieve total revenue of 4.394 billion yuan, with a year-on-year growth rate of 24.50%. The net profit attributable to shareholders is expected to reach 355 million yuan, reflecting an 82.73% increase [1][4] - The report adjusts the net profit forecasts for 2024-2026 to 355 million yuan (previously 393 million), 517 million yuan, and 644 million yuan, respectively, with corresponding dynamic P/E ratios of 36, 25, and 20 times [4]