LZLJ(000568) 长江证券·2024-11-15 01:06Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported total revenue of 24.304 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 10.76%. The net profit attributable to shareholders was 11.593 billion yuan, up 9.72% year-on-year [4][5]. - In Q3 2024, the company actively controlled its growth pace, resulting in cash flow pressure. The total revenue for Q3 was 7.399 billion yuan, a slight increase of 0.67% year-on-year, while the net profit was 3.566 billion yuan, up 2.58% year-on-year [4][5]. - The gross margin slightly decreased in Q3 2024, but the net profit margin continued to improve, reaching 48.19%, an increase of 0.9 percentage points year-on-year [5]. - The company is expected to maintain a dual-driven growth pattern, with a gradual recovery of mid-tier products. The estimated EPS for 2024 and 2025 is 9.82 yuan and 10.68 yuan, respectively, corresponding to a PE ratio of 15 and 14 times [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, total revenue was 24.304 billion yuan, with a year-on-year growth of 10.76%. The net profit attributable to shareholders was 11.593 billion yuan, reflecting a 9.72% increase [4]. - In Q3 2024, total revenue was 7.399 billion yuan, with a year-on-year increase of 0.67%, and net profit was 3.566 billion yuan, up 2.58% year-on-year [4][5]. Profitability Metrics - The gross margin in Q3 2024 was slightly down to 88.12%, while the net profit margin improved to 48.19%, an increase of 0.9 percentage points year-on-year [5]. - The company’s operating cash flow for the first three quarters was 28.269 billion yuan, a year-on-year increase of 2.26% [4]. Future Outlook - The company is expected to assist distributors in inventory clearance, which may lead to short-term performance slowdown but is anticipated to support long-term growth [5]. - The projected EPS for 2024 and 2025 is 9.82 yuan and 10.68 yuan, respectively, with a corresponding PE ratio of 15 and 14 times [5].