King's Luck(603369) 上海证券·2024-11-05 07:11Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a total revenue of 9.942 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.85%. The net profit attributable to shareholders was 3.086 billion yuan, up 17.08% year-on-year [2][6] - The company is expected to continue its strong growth trajectory, with projected revenues of 12.129 billion yuan, 14.183 billion yuan, and 16.281 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 20.08%, 16.94%, and 14.79% [6][8] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 2.637 billion yuan, a year-on-year increase of 10.11%, and a net profit of 624 million yuan, up 6.61% year-on-year [2][6] - The company's gross margin decreased by 1.99 percentage points to 74.27%, while the net profit margin fell by 0.47 percentage points to 31.04% [5] Product Structure and Market Performance - The company has optimized its product structure, with high-end products (Special A and above) accounting for 94.39% of sales, an increase of 0.77 percentage points year-on-year [3] - Revenue from the domestic market reached 9.081 billion yuan, a year-on-year increase of 17.71%, while revenue from the external market grew by 32.73% to 804 million yuan [4] Future Outlook - The company aims to focus on high-quality development and continue expanding its market presence both domestically and externally, with a strategic plan to enhance its product offerings and market penetration [6] - The projected earnings per share for the next three years are 2.89 yuan, 3.30 yuan, and 3.65 yuan, with corresponding price-to-earnings ratios of 15, 13, and 12 [8][12]