HENGERDA(300946) 西南证券·2024-11-04 13:01Investment Rating - The report maintains a "Hold" rating for the company [1][3]. Core Views - The company has shown steady growth in Q3 2024, with revenue reaching 1.42 billion yuan, a year-on-year increase of 6.21%, and a net profit of 0.23 billion yuan, up 12.86% year-on-year [1][2]. - The company's metal cutting tools business remains robust, while new businesses in intelligent CNC equipment and rolling functional components are experiencing rapid growth [2]. - The company is actively expanding its overseas market, with foreign sales revenue showing significant growth in Q1-Q3 2024 [2]. Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 4.41 billion yuan, representing an 8.50% year-on-year increase, and a net profit of 0.79 billion yuan, up 9.53% year-on-year [1][2]. - The overall gross margin for Q1-Q3 2024 was 31.35%, an increase of 2.11 percentage points year-on-year, while the net profit margin was 17.94%, up 0.22 percentage points year-on-year [2]. - The company’s gross margin for Q3 2024 was 30.48%, reflecting a year-on-year increase of 1.55 percentage points, and the net profit margin was 16.37%, up 0.92 percentage points year-on-year [2]. Profit Forecast - The company is projected to achieve net profits of 1.1 billion yuan, 1.3 billion yuan, and 1.6 billion yuan for the years 2024, 2025, and 2026 respectively, indicating a compound annual growth rate of 22% for net profit over the next three years [3].