共创草坪：Q3营收延续改善，海内外需求持续复苏

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 2.259 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.89%. The net profit attributable to shareholders was 394 million yuan, up 11.75% year-on-year [2][3] - The company has been expanding its overseas market presence, leading to a significant recovery in revenue. The competitive landscape has improved, and there is a simultaneous increase in demand for both leisure and sports turf domestically and internationally [3] - The company has been investing in production capacity, with the Vietnam factory's phase three project expected to add 40 million square meters of capacity, which will further enhance revenue growth and market competitiveness [5] Revenue Summary - For the first three quarters of 2024, the company achieved a revenue of 2.259 billion yuan, with a quarterly revenue of 750 million yuan in Q3, reflecting a year-on-year increase of 16.05% [2][3] - The revenue growth is attributed to improved competition dynamics and increased demand for artificial turf products [3] Profitability Summary - The gross margin and net margin for the first three quarters of 2024 were 30.16% and 17.42%, respectively, showing a slight decline compared to the previous year [4] - In Q3, the gross margin and net margin were 28.62% and 14.73%, respectively, indicating short-term pressure on profitability due to a slight decrease in product prices and foreign exchange fluctuations [4] Investment Recommendations - The report suggests that the company is likely to continue experiencing high growth in overseas orders and domestic market adjustments, which could lead to increased revenue [5] - The revenue forecasts for 2024 to 2026 are 2.959 billion yuan, 3.560 billion yuan, and 4.280 billion yuan, respectively, with net profits projected at 506 million yuan, 604 million yuan, and 724 million yuan [5] - The estimated earnings per share (EPS) for 2024 to 2026 are 1.26 yuan, 1.51 yuan, and 1.81 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 [5]