JACK(SH:603337) Tianfeng Securities·2024-11-07 12:23Investment Rating - The report maintains a "Buy" rating for the company, with an expected profit growth of 47.1% in 2024, 29.5% in 2025, and 9.3% in 2026, corresponding to P/E ratios of 18, 14, and 13 respectively [3][5]. Core Insights - The company reported a revenue of approximately 4.706 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 14.79%. The net profit attributable to shareholders was 619 million yuan, up 50.2% year-on-year, with basic earnings per share of 1.31 yuan [1]. - The gross margin and net margin for the first three quarters of 2024 were 32.22% and 13.35%, respectively, showing increases of 3.67 percentage points and 3.24 percentage points year-on-year [2]. - The company achieved a quarterly revenue of 1.471 billion yuan in Q3 2024, a year-on-year increase of 4.4% but a quarter-on-quarter decrease of 8.38%. The net profit for the same quarter was 203 million yuan, up 42.97% year-on-year but down 11.39% quarter-on-quarter [2]. - The cumulative sales of the "Double Kings" product exceeded 800,000 units, indicating the success of the company's product strategy focused on high-demand items [3]. - The company announced a cash dividend of 3.00 yuan per 10 shares, totaling 139 million yuan, marking its first interim dividend since listing. Additionally, it repurchased shares worth 235 million yuan in the first half of 2024, reflecting management's confidence in long-term business development [3]. Financial Data Summary - For 2024E, the company is projected to achieve a revenue of 6.618 billion yuan, with a growth rate of 25% compared to 2023. The net profit attributable to shareholders is expected to be 792 million yuan, reflecting a growth rate of 47.14% [4]. - The company's earnings per share (EPS) for 2024E is estimated at 1.64 yuan, with a P/E ratio of 18.20 [4][9]. - The company’s total assets are projected to reach 9.328 billion yuan by 2024E, with a debt-to-asset ratio of 45.17% [9].