SIE(300687) 中泰证券·2024-11-15 02:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [2][5]. Core Insights - The company has shown stable revenue growth, with a reported revenue of 634 million yuan in Q3 2024, reflecting a year-on-year increase of 1.43%. However, the net profit attributable to the parent company decreased by 38.91% to 64.95 million yuan in the same period [2]. - The company is actively controlling expenses, with sales and management expenses decreasing by 5.41% and 2.75% respectively in Q3 2024, while R&D expenses increased by 10.94% [2]. - A stock incentive plan was announced, aiming for a compound annual growth rate of net profit of no less than 15% from 2025 to 2027, which reflects the company's confidence in its long-term development [2]. - Revenue forecasts for 2024-2026 are projected at 2.375 billion, 2.641 billion, and 3.076 billion yuan respectively, with net profits expected to be 256 million, 313 million, and 407 million yuan [2][3]. Financial Performance Summary - The company reported total revenue of 2.254 billion yuan in 2023, with a slight decrease in growth rate of -1% year-on-year. The projected revenue for 2024 is 2.375 billion yuan, indicating a growth rate of 5% [3][4]. - The net profit attributable to the parent company for 2023 was 254 million yuan, with a forecast of 256 million yuan for 2024, showing minimal growth [3][4]. - Earnings per share (EPS) are projected to remain stable at 0.62 yuan for 2024, with an increase to 0.76 yuan in 2025 and 0.99 yuan in 2026 [3][4]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 32.0 in 2024 to 20.1 by 2026, indicating a more attractive valuation over time [2][3]. - The price-to-book (P/B) ratio is expected to decline from 2.9 in 2024 to 2.4 in 2026, suggesting improved valuation metrics as the company grows [2][3].