GUIZHOU SANLI(603439) Huafu Securities·2024-11-04 12:00Investment Rating - The report maintains a "Buy" rating for Guizhou Sanli, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [11]. Core Views - The company has shown significant revenue and profit growth due to the consolidation of Hanfang, with a revenue of 1.45 billion and a net profit of 190 million for Q1-Q3 2024, representing year-on-year growth of 49% and 23% respectively [1][2]. - A stock incentive plan was announced, aiming to boost revenue and develop major products, with performance targets set for the next three years [1][2]. - The company has also announced a dividend plan, share repurchase, and a commitment from the controlling shareholder not to reduce holdings, reflecting confidence in future growth [2]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 2.407 billion, with a growth rate of 47%, and a net profit of 354 million, reflecting a growth rate of 21% [3][6]. - The earnings per share (EPS) is expected to be 0.86 in 2024, with a price-to-earnings (P/E) ratio of 15.9 [3][6]. - The company’s financial ratios indicate a healthy growth trajectory, with a gross margin of 73.3% and a net margin of 18% for 2023 [6][9].