RUNNER(603408) 天风证券·2024-11-12 06:25Investment Rating - The investment rating for the company is "Buy" with a target price set at 13.11 CNY, maintained for the next six months [2]. Core Views - The company reported a revenue of 1.3 billion CNY in Q3 2024, representing a 10% year-on-year increase, and a net profit of 140 million CNY, up 5% year-on-year [2]. - For the first three quarters of 2024, the company achieved a total revenue of 3.8 billion CNY, a 22% increase year-on-year, and a net profit of 400 million CNY, which is a 37% increase year-on-year [2]. - The gross margin for the first three quarters of 2024 was 26.29%, an increase of 1 percentage point, while the net margin was 10.49%, up 1.1 percentage points [2]. - The company is expanding its international presence with production bases in Thailand and Mexico, enhancing its ability to respond to customer needs and improving operational efficiency [3][4]. Financial Performance Summary - The company’s revenue for 2022 was 4.19 billion CNY, with a projected growth rate of 15.71% for 2024, reaching approximately 5.01 billion CNY [6][9]. - The net profit for 2022 was 458.06 million CNY, with an expected increase to 516.09 million CNY in 2024, reflecting a growth rate of 21.48% [6][9]. - The earnings per share (EPS) for 2022 was 1.02 CNY, projected to rise to 1.15 CNY in 2024 [6][9]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 12.81 in 2022 to 11.37 in 2024, indicating improved valuation [6][9]. Production Base Expansion - The Thailand production base has been operational for five years, with a total designed capacity of approximately 1.2 billion CNY, and is expected to optimize efficiency further [3]. - The Mexico production base is a strategic move to enhance proximity to North American customers, with an investment of 4 million USD, aiming to start production by mid-next year [3][4].