HENGERDA(300946) 西南证券·2024-11-04 08:55Investment Rating - The report maintains a "Hold" rating for the company [3] Core Views - The company reported steady growth in Q3 2024, with revenue reaching 441 million yuan for the first three quarters, a year-on-year increase of 8.50%, and a net profit of 79 million yuan, up 9.53% year-on-year. In Q3 alone, revenue was 142 million yuan, growing 6.21% year-on-year, while net profit increased by 12.86% to 23 million yuan [1][2] - The metal cutting tools business remains robust, with significant growth in smart CNC equipment and rolling functional components. The company is expanding its overseas market, with foreign sales revenue showing rapid growth [2] - The company's profitability has improved, with a gross margin of 31.35% for the first three quarters, up 2.11 percentage points year-on-year, and a net profit margin of 17.94%, an increase of 0.22 percentage points year-on-year [2] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 110 million, 130 million, and 160 million yuan respectively, with a compound annual growth rate of 22% for net profit over the next three years [3] - The company's revenue is expected to grow from 542.49 million yuan in 2023 to 899.20 million yuan in 2026, reflecting growth rates of 12.34%, 17.73%, 19.16%, and 18.15% for the respective years [3][7] - The earnings per share (EPS) is forecasted to increase from 0.73 yuan in 2023 to 1.31 yuan in 2026, while the return on equity (ROE) is expected to rise from 7.78% to 10.84% over the same period [3][7]