xilinmen(SH:603008) Haitong Securities·2024-11-06 01:58Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Insights - The company reported a revenue of 5.976 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.53%. The net profit attributable to the parent company was 375 million yuan, down 3.88% year-on-year [5]. - The company plans to issue new shares to raise up to 850 million yuan, with 650 million yuan allocated for the smart home industrial park project and 200 million yuan for working capital. This move aims to enhance production capacity and optimize the national production layout [7]. - The company expects net profits for 2024-2026 to be 509 million, 570 million, and 633 million yuan, respectively, with growth rates of 18.8%, 11.9%, and 11.1% [7]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.019 billion yuan, a decline of 10.85% year-on-year, and a net profit of 141 million yuan, down 15.81% year-on-year [5]. - The gross margin for the first three quarters of 2024 was 35.35%, an increase of 1.13 percentage points year-on-year, while the net profit margin was 6.35%, a decrease of 0.22 percentage points year-on-year [6]. - The company’s total revenue for 2024 is projected to be 8.763 billion yuan, with a slight increase of 1.0% year-on-year [8]. Valuation and Comparison - The company is valued at a price-to-earnings (P/E) ratio of 14 for 2024 and 13 for 2025, with a target valuation range of 22.56 to 24.06 yuan per share based on a P/E of 15-16 for 2025 [7]. - Compared to peers, the average P/E for similar companies is 14.2, indicating a competitive valuation for the company [10].