Minami(301383) 太平洋·2024-11-11 23:55Investment Rating - Buy/Initiation [1] Core Views - The company's Q3 performance exceeded expectations, with both revenue and profit showing significant growth [2][3] - The company's revenue for the first three quarters of 2024 reached 1.677 billion yuan, a year-on-year increase of 30.20%, and net profit attributable to the parent company was 168 million yuan, a year-on-year increase of 52.92% [2] - In Q3 2024, the company achieved revenue of 722 million yuan, a year-on-year increase of 28.09%, and a quarter-on-quarter increase of 33.53%, with net profit attributable to the parent company reaching 73 million yuan, a year-on-year increase of 30.31% and a quarter-on-quarter increase of 33.09% [2] - The company's net profit margin was 10.00%, an increase of 1.49 percentage points year-on-year [3] - The company's operating efficiency improved, with sales, management, and R&D expenses accounting for 8.43% of revenue, a decrease of 1.04 percentage points year-on-year [3] Company Overview - The company is a leader in the consumer electronics acoustic industry, with a strong customer base and technological advantages [4] - Its main products include various types of headphones, such as over-ear headphones, TWS headphones, in-ear headphones, OWS headphones, and bone conduction headphones [4] - The company also produces accessories for walkie-talkies, car accessories, and acoustic components (speakers, microphones) [4] - The company is expanding into new product categories, including hearing aids, hearing assistance devices, custom headphones, AR glasses, smart speaker modules, and car microphones, which are expected to become new profit growth points [4] Financial Projections - The company is expected to achieve revenue of 2.274 billion yuan, 2.894 billion yuan, and 3.606 billion yuan in 2024, 2025, and 2026, respectively [5] - Net profit attributable to the parent company is expected to be 212 million yuan, 286 million yuan, and 360 million yuan in 2024, 2025, and 2026, respectively [5] - The corresponding PE ratios are 27.11x, 20.07x, and 15.94x for 2024, 2025, and 2026, respectively [5] - The company's revenue growth rates are projected to be 29.49%, 27.27%, and 24.62% for 2024, 2025, and 2026, respectively [6] - Net profit growth rates are expected to be 55.69%, 35.11%, and 25.91% for 2024, 2025, and 2026, respectively [6] Financial Metrics - The company's gross profit margin is expected to be 19.81%, 20.88%, and 21.26% in 2024, 2025, and 2026, respectively [8] - The net profit margin is projected to be 9.32%, 9.89%, and 9.99% in 2024, 2025, and 2026, respectively [8] - ROE is expected to be 10.02%, 11.93%, and 13.05% in 2024, 2025, and 2026, respectively [8] - ROA is projected to be 7.16%, 8.30%, and 8.93% in 2024, 2025, and 2026, respectively [8]