Shanghai Friendess(688188)2024-11-06 03:35Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue of 1.301 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 31.19%, while the net profit attributable to the parent company grew by 26.84% to 726 million yuan [1][3] - The third quarter of 2024 saw a revenue of 417 million yuan, with a year-on-year increase of 26.27%, and a net profit of 235 million yuan, reflecting an 11.63% growth [1] - The company continues to invest in technology research and market expansion, leading to sustained growth in orders for laser processing control systems and intelligent cutting heads [1] Financial Performance Summary - For the first three quarters of 2024, the gross margin, net margin, and non-recurring net margin were 81.63%, 59.42%, and 53.18%, respectively, with year-on-year changes of +1.36, -1.22, and -3.98 percentage points [2] - The company maintained a high gross margin of 82.36% in the third quarter, despite a decrease in net profit growth due to reduced other income and interest income [2] - The company has effectively controlled its expenses, with sales, management, research and development, and financial expense ratios showing favorable trends [2] Earnings Forecast and Valuation - The company is projected to achieve net profits of 989 million yuan, 1.302 billion yuan, and 1.654 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 41, 31, and 25 times [3][4] - The revenue forecast for the years 2024 to 2026 is 1.908 billion yuan, 2.491 billion yuan, and 3.170 billion yuan, indicating a strong growth trajectory [4]