Semir(002563) 国海证券·2024-11-06 10:26Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1][3]. Core Insights - The company reported a revenue of 9.399 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 5.62%. However, the net profit attributable to shareholders decreased by 9.25% to 755 million yuan [2]. - In Q3 2024, the company achieved a revenue of 3.444 billion yuan, a year-on-year increase of 3.15%, but the net profit attributable to shareholders fell significantly by 35.97% to 203 million yuan [2]. - The gross margin for the first three quarters of 2024 was 44.77%, up from 44.13% in the same period last year, while the net margin decreased to 8.01%, down 1.32 percentage points year-on-year [2]. - The report highlights a notable increase in inventory, with net inventory amounting to 4.168 billion yuan, a year-on-year increase of 14.10% [2]. Financial Performance Summary - For 2024-2026, the company is expected to achieve revenues of 14.58 billion, 15.79 billion, and 17.00 billion yuan, representing year-on-year growth rates of 7%, 8%, and 8% respectively [3]. - The forecasted net profit attributable to shareholders for the same period is projected to be 1.111 billion, 1.300 billion, and 1.452 billion yuan, with a slight decrease of 1% in 2024, followed by increases of 17% and 12% in 2025 and 2026 respectively [3]. - The report indicates that the company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated to be 14.8, 12.6, and 11.3 times respectively [3].