伟星股份：24Q3收入增长19%，扣非净利润增长2.6%

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company's revenue for the third quarter increased by 19%, while the net profit attributable to the parent company decreased by 9.9% [4] - The company has achieved a gross margin of 44.32% in the third quarter, which is an increase of 2.11 percentage points year-on-year, marking the highest gross margin for the third quarter since 2017 [5] - The company is focusing on global expansion, with significant investments in Vietnam and other international markets to enhance management efficiency and support international market development [6] - The earnings forecast for the company anticipates revenues of 46.9 billion, 55.2 billion, and 65.3 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 6.94 billion, 8.25 billion, and 9.93 billion yuan for the same years [6] Financial Performance Summary - For the first three quarters, the company reported total revenue of 35.8 billion yuan, a year-on-year increase of 23.3%, and a net profit of 6.24 billion yuan, up 17.2% year-on-year [4] - The company's gross margin for the first three quarters was 42.70%, an increase of 1.12 percentage points year-on-year, while the net profit margin was 17.4%, a decrease of 0.91 percentage points year-on-year [4] - The company has changed its expense accrual method, which is expected to provide a clearer reflection of operational performance in future financial statements [5] Valuation and Forecast - The report provides a valuation range for the company based on a price-to-earnings ratio (PE) of 20-25x for 2024, resulting in a reasonable value range of 11.88 to 14.85 yuan per share [6] - The projected earnings per share (EPS) for the company is expected to grow from 0.48 yuan in 2023 to 0.85 yuan in 2026 [9]