Megmeet(SZ:002851) Huaan Securities·2024-11-05 05:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has maintained robust operational performance with a steady increase in net profit excluding non-recurring items, achieving a revenue of 5.903 billion yuan in the first three quarters of 2024, a year-on-year increase of 21.06% [2] - The company continues to invest heavily in research and development, with significant improvements in cash flow, reporting a net operating cash flow of 2.19 billion yuan in Q3 2024, a year-on-year increase of 337.8% [2] - The AI server power supply and new energy vehicle sectors are rapidly expanding, expected to become new growth drivers for the company [2] Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 5.52 billion yuan, with corresponding P/E ratios of 41.6, 30.4, and 20.7 for the years 2024, 2025, and 2026 respectively [2][3] - The company’s revenue is expected to grow from 6.754 billion yuan in 2023 to 14.024 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of 26.4% [3][6] - The net profit attributable to the parent company is forecasted to increase from 629 million yuan in 2023 to 1.109 billion yuan in 2026, with a notable decline of 12.3% in 2024 [3][6] Cash Flow and Investment - The company’s operating cash flow is projected to improve from 310 million yuan in 2023 to 841 million yuan in 2026 [4] - The company is expected to incur significant investment activities, with cash outflows projected at 846 million yuan in 2024 [4] Balance Sheet Overview - Total assets are expected to grow from 10.113 billion yuan in 2023 to 17.152 billion yuan in 2026, indicating a strong asset base for future growth [5] - The company’s total liabilities are projected to increase from 5.573 billion yuan in 2023 to 10.540 billion yuan in 2026, reflecting a rising leverage ratio [5][6]