SNIBE(300832) 太平洋·2024-11-07 05:43Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][8]. Core Insights - The company reported a revenue of 34.14 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 17.41%. The net profit attributable to shareholders was 13.84 billion yuan, up 16.59% year-on-year [1]. - The company’s domestic business generated 21.96 billion yuan in revenue, a 13.60% increase year-on-year, while the overseas business saw a revenue of 12.12 billion yuan, growing by 25.16% year-on-year [1]. - The report highlights that the company is facing short-term pressure in the domestic market due to external environmental factors, but the overseas market continues to grow rapidly [1][3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 12.03 billion yuan, a 15.38% increase year-on-year, with a net profit of 4.80 billion yuan, up 10.02% year-on-year [1]. - The overall gross margin for the first three quarters of 2024 was 72.34%, a slight decrease of 0.06 percentage points compared to the previous year [1]. Revenue Projections - The company’s projected revenues for 2024, 2025, and 2026 are 47.21 billion yuan, 56.70 billion yuan, and 67.62 billion yuan, respectively, with expected growth rates of 20%, 20%, and 19% [4][5]. - The net profit projections for the same years are 20.08 billion yuan, 24.22 billion yuan, and 28.98 billion yuan, with growth rates of 21% for each year [4][5]. Cost Management - The report notes a decrease in the selling expense ratio by 1.33 percentage points to 15.30%, attributed to strict control over domestic sales expenses [3]. - The overall net profit margin for Q3 2024 was reported at 39.93%, reflecting a decrease of 1.95 percentage points year-on-year [3].