CCG(605099) 国盛证券·2024-11-02 04:11Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company achieved a revenue of 2.259 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 17.9%, with a net profit attributable to shareholders of 394 million yuan, up 11.8% year-on-year [1]. - The company is experiencing steady growth in sales, particularly in overseas markets, while facing slight pressure on average prices due to external factors such as exchange rate fluctuations [1][2]. - The company is expanding its overseas production capacity, with a total capacity of 110 million square meters by the end of 2023, including 56 million square meters in China and 54 million square meters in Vietnam [2]. Financial Performance - In Q3 2024, the company reported a revenue of 750 million yuan, a year-on-year increase of 16.0%, but a net profit of 110 million yuan, down 12.3% year-on-year [1]. - The gross profit margin for Q3 2024 was 28.6%, with a net profit margin of 14.7%, reflecting a decrease of 4.8 percentage points year-on-year due to external factors [3]. - The company’s operating cash flow for Q3 2024 was 249 million yuan, an increase of 55 million yuan year-on-year, indicating stable cash flow and operational capability [3]. Revenue and Profit Forecast - The company is projected to achieve net profits of 500 million yuan, 600 million yuan, and 690 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 16.5X, 13.7X, and 12.0X [3][4].