惠达卫浴：2024年三季报点评：轻装上阵再出发，渠道拓展稳步推进

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 7.45 CNY per share, compared to the current price of 6.37 CNY [1]. Core Views - The company reported a revenue of 2.48 billion CNY and a net profit attributable to shareholders of 90 million CNY for the first three quarters of 2024, showing a year-over-year decline of 6.0% in revenue but a turnaround in profitability [1]. - The company is focusing on expanding its retail and engineering channels while enhancing international business partnerships, particularly in North America and Europe [2]. - The gross margin for Q3 2024 was reported at 27.7%, with a slight year-over-year decrease of 1.1 percentage points, while the net profit margin reached 3.7%, indicating a return to profitability [2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 135 million CNY, with a corresponding PE ratio of 18x. The expected net profits for 2025 and 2026 are 149 million CNY and 168 million CNY, respectively, with PE ratios of 16x and 14x [3][7]. - The total revenue for 2023 is estimated at 3.604 billion CNY, with a projected decline of 4.5% in 2024, followed by a recovery in subsequent years [3][7]. - The company’s asset-liability ratio stands at 32.42%, with a net asset value per share of 9.80 CNY [4].