SCSF(600779) 天风证券·2024-11-11 05:23Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][11]. Core Insights - The company's Q3 performance met expectations, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reported at 2.07 billion, 883 million, and 881 million yuan respectively, showing year-on-year growth of 0.38%, 7.67%, and 10.47% [1]. - The mid-range product "Tianhao Chen" continues to drive growth, while high-end products faced pressure in Q3 due to market downgrades [1]. - The overseas market showed significant growth, with foreign revenue increasing by 112.16% year-on-year, while domestic revenue slightly declined by 0.31% [2]. - The company's gross margin and net margin improved, with gross margin increasing by 0.86 percentage points to 84.57% and net margin increasing by 2.89 percentage points to 42.65% [3]. - The company adjusted its revenue and profit forecasts slightly downward for 2024-2026 due to weak demand in the liquor market, projecting revenues of 5.17 billion, 5.72 billion, and 6.25 billion yuan, and net profits of 1.37 billion, 1.56 billion, and 1.73 billion yuan respectively [3]. Financial Summary - For 2024E, the company is expected to achieve a revenue of 5.17 billion yuan, with a growth rate of 4.36% [4]. - The projected net profit for 2024E is 1.37 billion yuan, reflecting an 8.33% growth rate [4]. - The company's earnings per share (EPS) is forecasted to be 2.81 yuan for 2024E, with a price-to-earnings (P/E) ratio of 20.33 [4]. - The company’s total assets are projected to reach 9.09 billion yuan by 2024E, with a debt-to-asset ratio of 41.80% [7].