KEBODA(SH:603786) CHINA DRAGON SECURITIES·2024-11-09 08:37Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that product breakthroughs and customer optimization have driven revenue growth, with a year-on-year increase of 33.79% in revenue and 33.24% in net profit for the first three quarters of 2024 [1] - The company achieved a revenue of 15.30 billion yuan in Q3 2024, reflecting a quarter-on-quarter increase of 15.48% [1] - The report emphasizes the rapid expansion of global market products and customer base, with significant new projects and partnerships established [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 42.73 billion yuan and a net profit attributable to shareholders of 6.07 billion yuan, with a non-recurring net profit of 5.68 billion yuan [1] - The gross profit margin for Q3 2024 was 29.65%, with a net profit margin of 15.36%, showing improvements compared to previous quarters [1] - The company has a projected net profit of 8.62 billion yuan for 2024, with expected growth rates of 41.5% and 26.8% for 2025 and 2026, respectively [2][4] Market Data - The current stock price is 56.90 yuan, with a market capitalization of approximately 22.98 billion yuan [1] - The company has a P/E ratio of 26.7 for 2024, which is lower than the average P/E ratio of comparable companies [2][3] Growth Projections - Revenue is expected to grow from 6.20 billion yuan in 2024 to 9.45 billion yuan in 2026, with a compound annual growth rate (CAGR) of 21.2% [2][4] - The company is projected to achieve a return on equity (ROE) of 19.1% by 2026, indicating strong profitability [5]