Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 1.99 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 61.6%. The net profit attributable to shareholders reached 530 million yuan, up 69.2% year-on-year [1] - The company has maintained stable profitability, with an overall gross margin of 39.5% for the first three quarters of 2024, a slight increase of 0.2 percentage points year-on-year. The net profit margin for the same period was 26.7%, up 1.2 percentage points year-on-year [2] - A stock incentive plan was announced, aiming to establish a long-term incentive mechanism by granting 1.1937 million restricted shares at a price of 48.31 yuan per share, which is about 1.15% of the total share capital [3] - Earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 6.99 yuan, 8.58 yuan, and 10.46 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 16x, 13x, and 11x [3] Financial Performance Summary - For 2023, the company is expected to achieve a revenue of 1.775 billion yuan, with a growth rate of 40.96%. The net profit attributable to shareholders is projected to be 472 million yuan, reflecting a growth rate of 73.60% [4] - The company anticipates a revenue of 2.729 billion yuan in 2024, representing a growth rate of 53.72%, and a net profit of 726 million yuan, with a growth rate of 53.83% [4] - The gross margin is expected to remain stable, with projections of 40% for 2024, 40.3% for 2025, and 40.5% for 2026 [6] Business Segmentation - The revenue from stainless steel vacuum insulated containers is projected to be 2.617 billion yuan in 2024, with a year-on-year growth of 55% [6] - Revenue from other business segments is expected to reach 60.08 million yuan in 2024, with a year-on-year growth of 20% [7]
嘉益股份：业绩持续高增，经营景气度延续