GKG(301338) Guoyuan Securities·2024-11-04 08:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has shown robust revenue growth, with a year-on-year increase of 31.57% in revenue for the first three quarters of 2024, reaching 577 million yuan, and a significant 143.76% increase in net profit for Q3 2024 [2] - The company has established strong relationships with numerous well-known enterprises, securing orders from leading clients across various sectors [2] - The report forecasts revenue and net profit growth for 2024-2026, estimating revenues of 917 million yuan, 1.10 billion yuan, and 1.30 billion yuan, with corresponding net profits of 63 million yuan, 82 million yuan, and 96 million yuan [2][3] Financial Performance - For Q3 2024, the company achieved a revenue of 218 million yuan, a 43.93% increase year-on-year, and a net profit of 17 million yuan, reflecting a 143.76% increase [2] - The gross profit margin for the first three quarters of 2024 was 32.38%, down by 4.04 percentage points year-on-year, while the company effectively managed its expense ratios [2] - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.59 yuan, 0.77 yuan, and 0.90 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 59, 45, and 38 [2][3] Market Position - The company has registered its trademark "GKG" in over 70 countries and regions, with products sold in more than 50 countries, indicating a strong global market presence [2] - The company has a solid client base, including major players like Foxconn, Luxshare Precision, Huawei, and BYD, which enhances its market credibility [2]