CCA(603100) 中邮证券·2024-11-15 08:17Investment Rating - Buy rating maintained for the stock [2] Core Views - The company reported steady growth in Q1-3 2024 with revenue of 5.622 billion yuan, up 2.54% YoY, and net profit attributable to the parent company of 558 million yuan, up 4.44% YoY [3] - Gross margin slightly decreased by 0.84pct to 33.05% in Q1-3 2024, but increased by 0.65pct to 34.38% in Q3 2024 [3] - The company is a leader in China's industrial automation instrumentation industry, benefiting from the trend of domestic substitution and technological self-reliance [3] - The company absorbed several subsidiaries to streamline operations and improve management efficiency, and its shareholding structure is expected to become more stable [3] Financial Performance and Forecast - Revenue for 2024-2026 is forecasted to be 7.756 billion yuan, 8.657 billion yuan, and 9.573 billion yuan, with YoY growth rates of 4.66%, 11.62%, and 10.58% respectively [4] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 796 million yuan, 907 million yuan, and 1.027 billion yuan, with YoY growth rates of 6.99%, 13.95%, and 13.22% respectively [4] - The company's PE ratio for 2024-2026 is expected to be 14.26x, 12.52x, and 11.06x respectively [4] Financial Ratios and Metrics - Gross margin for 2023A-2026E is expected to remain stable at around 34% [7] - Net profit margin is forecasted to increase from 10.0% in 2023A to 10.7% in 2026E [7] - ROE is expected to remain strong, ranging from 18.0% to 18.5% from 2024E to 2026E [7] - The company's debt-to-asset ratio is expected to decrease from 52.3% in 2023A to 47.6% in 2026E [7] Valuation - The company's PE ratio is forecasted to decrease from 15.26x in 2023A to 11.06x in 2026E [5] - The PB ratio is expected to decline from 2.87x in 2023A to 2.05x in 2026E [5] - EV/EBITDA is projected to decrease from 12.94x in 2023A to 6.75x in 2026E [5]