鲁泰A：24Q1-3外销收入增长优于内销

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The company reported a revenue of 1.57 billion in Q3 2024, a year-on-year increase of 4.5%, while the net profit attributable to the parent company was 120 million, also up by 4%. However, the non-recurring net profit decreased by 22% [1]. - For the first three quarters of 2024, the company achieved a total revenue of 4.4 billion, reflecting a growth of 1.33%, but the net profit attributable to the parent company decreased by 14% to 290 million. The non-recurring net profit increased by 16% to 350 million [1][2]. - The company has seen a slight increase in export revenue compared to the previous year, while domestic sales have slightly decreased. Both export and domestic revenues showed a slight increase on a quarter-on-quarter basis [1]. - The gross profit margin for the first three quarters of 2024 was 24.40%, an increase of 1.94 percentage points, with fabric product margins improving while clothing product margins remained stable [3]. Financial Performance Summary - The company adjusted its earnings forecast, now expecting EPS of 0.46, 0.50, and 0.54 for 2024, 2025, and 2026 respectively, down from previous estimates of 0.48, 0.54, and 0.63 [2]. - The financial data indicates a significant drop in net profit for 2023, with a forecasted net profit of 403.44 million, a decrease of 58.14% from 2022 [5][12]. - The company’s revenue for 2023 is projected at 5.96 billion, a decline of 14.08% from 2022, with a recovery expected in subsequent years [5][12]. Strategic Initiatives - The company is enhancing its international presence with established production bases and design institutions overseas, aiming to leverage international resources and strengthen its leading position in the color-woven fabric market [3][4]. - The company emphasizes strong R&D capabilities and technical collaborations, focusing on sustainable development and innovation in product development [4].