Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company continues to show high growth in performance, with a revenue of 1.985 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 61.6%, and a net profit attributable to shareholders of 530 million yuan, up 69.2% year-on-year [1] - The growth in Q3 revenue was primarily driven by the ongoing trend of overseas insulated cups, with China's insulated cup export value reaching 9.6 billion yuan, a year-on-year increase of 9% [2] - The company's gross margin for Q3 was 39.35%, a decrease of 0.67 percentage points year-on-year, mainly due to the impact of RMB appreciation [3] - A stock incentive plan was announced, aiming for revenue or performance growth of no less than 50%/80%/120% from 2024 to 2026 based on 2023 [4] Financial Summary - The company is expected to achieve revenues of 2.82 billion, 3.53 billion, and 4.31 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 59%, 26%, and 22% [5] - The projected net profit attributable to shareholders for the same years is 750 million, 910 million, and 1.11 billion yuan, with year-on-year growth rates of 60%, 21%, and 22% [5] - The company’s P/E ratios are projected to be 16, 13, and 11 for 2024, 2025, and 2026, respectively [5]
嘉益股份点评报告：业绩延续高增，赛道景气凸显