Vatti(002035) 申万宏源·2024-11-04 00:43Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company's Q3 performance showed a stable net profit margin, with the "old-for-new" policy expected to provide strong support in Q4 [5][8] - The overall sales in Q3 were slightly below expectations, but the company is projected to achieve significant profit growth in the coming years [5][7] - The "old-for-new" policy is anticipated to boost sales in the kitchen appliance sector, benefiting the company due to its strong market position [8] Financial Summary - For Q3, the company achieved a revenue of 4.576 billion yuan, a year-on-year increase of 3.27%, and a net profit of 404 million yuan, up 12.28% year-on-year [7] - The projected net profits for 2024-2026 are 573 million yuan, 666 million yuan, and 762 million yuan, respectively, representing year-on-year growth rates of 28.2%, 16.1%, and 14.4% [5][6] - The company's gross profit margin for the first three quarters was 40.5%, with a net profit margin of 8.79%, reflecting a year-on-year increase of 0.62 percentage points [9]