GSP GROUP(605088) 财通证券·2024-11-14 10:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 1.009 billion yuan in Q3 2024, representing a year-on-year growth of 29.48%. However, the net profit attributable to shareholders decreased by 18.91% to 63 million yuan, while the net profit excluding non-recurring items increased by 13.80% to 73 million yuan [2][3] - The gross margin has slightly declined to 26.91%, down by 3.65 percentage points year-on-year. The selling expense ratio decreased by 0.88 percentage points to 6.27%, the management expense ratio decreased by 0.69 percentage points to 6.85%, and the R&D expense ratio remained stable at 3.25% [2][3] - The company has sufficient production capacity and is upgrading its warehousing system. It has completed the construction of a project with an annual production capacity of 2.4 million sets of automotive transmission assemblies and the transformation of a smart production line for 1.5 million precision hub bearing units. The global warehousing network is operational, aiming to enhance supply chain services and improve order fulfillment rates [3] - The investment suggestion anticipates net profits attributable to shareholders of 322 million yuan, 377 million yuan, and 433 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 11.25, 9.62, and 8.39 [3] Financial Performance Summary - Revenue (in million yuan) is projected to grow from 2,941 in 2022 to 4,694 in 2026, with a revenue growth rate of 18.26% in 2022, declining to 14.21% by 2026 [4] - Net profit (in million yuan) is expected to increase from 238 in 2022 to 433 in 2026, with a net profit growth rate of 102.88% in 2022, tapering to 14.74% by 2026 [4] - The company’s EPS is projected to rise from 1.47 in 2022 to 2.42 in 2026, while the PE ratio is expected to decrease from 11.69 in 2022 to 8.39 in 2026 [4]