CIXING(300307) 甬兴证券·2024-11-07 05:47Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark index by more than 20% [6][9][17]. Core Insights - The company reported a revenue of 1.784 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 3.74%. The net profit attributable to shareholders reached 310 million yuan, a significant increase of 163.81% year-on-year [5]. - The company is expected to benefit from a new replacement cycle in the domestic computer knitting machine market, as the typical replacement period is 5 to 8 years. The last peak in sales occurred in 2017, suggesting a strong demand ahead [5][6]. - The company is actively expanding into the Belt and Road countries, having sold over 25,000 units of its computer knitting machines to more than 20 countries along the Belt and Road since 2009 [5]. Revenue and Profit Forecast - The company is projected to achieve revenues of 2.68 billion yuan, 3.15 billion yuan, and 3.71 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 31.9%, 17.5%, and 17.9% [6][8]. - The earnings per share (EPS) are expected to be 0.49 yuan, 0.33 yuan, and 0.40 yuan for the years 2024, 2025, and 2026, with corresponding price-to-earnings (PE) ratios of 16.59, 24.83, and 20.14 [6][8].