BOSHI(002698) 德邦证券·2024-11-07 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 performance met expectations, with a significant increase in revenue and net profit. The total revenue for the first three quarters of 2024 reached 2.165 billion yuan, a year-on-year increase of 9.2%, while the net profit attributable to the parent company was 456 million yuan, up 4.98%. In Q3 alone, revenue was 713 million yuan, reflecting a 20.21% year-on-year increase, and net profit surged by 85.12% to 184 million yuan [4][5] - The company has launched an employee stock ownership plan aimed at retaining and incentivizing core technical personnel, which is expected to enhance long-term competitiveness [5][6] - The company is experiencing a steady improvement in profitability, with gross margins increasing from 32.41% in Q1 to 36.68% in Q3 of 2024, and net margins rising from 18.47% to 25.57% over the same period [5][6] Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 603 million yuan, with estimates of 689 million yuan and 771 million yuan for 2025 and 2026, respectively. The corresponding price-to-earnings ratios are expected to be 26, 22, and 20 times [6][10] - The company's total revenue is forecasted to grow from 2.565 billion yuan in 2023 to 3.913 billion yuan by 2026, indicating a consistent upward trend in sales [10] - The gross margin is expected to stabilize around 36.2% to 37.6% over the next few years, while the net asset return is projected to increase from 15.5% in 2023 to 18.1% by 2026 [10]