Aupu(603551) 海通证券·2024-11-10 07:27Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's short-term performance is under pressure, but profitability remains relatively stable [4] - The company's 2024Q3 revenue was RMB 426 million, down 16.28% YoY, with net profit attributable to the parent company of RMB 63 million, down 16.06% YoY [4] - The company's sales net profit margin and gross profit margin for 2024Q3 were 14.97% and 43.69%, respectively, down 0.15pct and 1.62pct YoY [5] - The company is expected to benefit from the new policy on replacing old appliances, which could boost sales [6] - The report forecasts net profits of RMB 295 million, RMB 329 million, and RMB 354 million for 2024-2026, with YoY growth rates of -4.7%, +11.6%, and +7.6%, respectively [6] Financial Performance Summary - For 2024Q3, the company's sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 15.20%, 6.38%, 5.30%, and -1.32%, respectively [5] - The company's revenue for the first three quarters of 2024 was RMB 1.289 billion, down 6.03% YoY, with net profit attributable to the parent company of RMB 186 million, down 8.72% YoY [4] - The company's gross profit margin for 2024E is expected to be 46.4%, with a net profit margin of 14.9% [8] Industry and Market Context - The company's stock price has underperformed the market, with a -24.03% return compared to the Haitong Composite Index [3] - The company's absolute and relative returns compared to the CSI 300 index were -0.3% and -0.4% for 1M, 15.2% and -9.3% for 2M, and 8.5% and -11.9% for 3M, respectively [4] - The company's PE ratio for 2024E is 14.52x, lower than the average PE of 17.6x for comparable companies [10] Valuation and Forecast - The report values the company at a 2024 PE range of 16-17x, corresponding to a reasonable value range of RMB 11.75-12.48 per share [6] - The company's EPS for 2024E is forecasted at RMB 0.73, with a dividend yield of 6.2% [11] - The company's revenue for 2024E is expected to be RMB 1.977 billion, down 1.0% YoY, with a gross profit margin of 46.4% [8]