Hangcha (603298) 东方证券·2024-11-18 00:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 continues to outpace revenue growth, with profitability improving year-on-year. In Q3 2024, the company achieved revenue of 4.179 billion yuan, a year-on-year decrease of 2.65%, and a net profit attributable to the parent company of 566 million yuan, an increase of 9.07% year-on-year [7] - The company is accelerating its internationalization process, enhancing its global competitiveness by optimizing overseas market layouts and expanding sales channels [7] Financial Performance Summary - Revenue (million yuan): - 2022A: 14,412 - 2023A: 16,272 - 2024E: 16,973 - 2025E: 20,090 - 2026E: 23,372 - Year-on-year growth: 2023A +12.9%, 2024E +4.3%, 2025E +18.4%, 2026E +16.3% [4] - Operating Profit (million yuan): - 2022A: 1,180 - 2023A: 2,092 - 2024E: 2,529 - 2025E: 2,938 - 2026E: 3,362 - Year-on-year growth: 2023A +77.4%, 2024E +20.9%, 2025E +16.2%, 2026E +14.4% [4] - Net Profit Attributable to Parent Company (million yuan): - 2022A: 987 - 2023A: 1,720 - 2024E: 2,087 - 2025E: 2,424 - 2026E: 2,774 - Year-on-year growth: 2023A +74.2%, 2024E +21.3%, 2025E +16.2%, 2026E +14.4% [4] - Earnings Per Share (yuan): - 2022A: 0.75 - 2023A: 1.31 - 2024E: 1.59 - 2025E: 1.85 - 2026E: 2.12 [4] - Gross Margin (%): - 2022A: 17.8% - 2023A: 20.8% - 2024E: 22.5% - 2025E: 22.6% - 2026E: 22.7% [4] - Net Margin (%): - 2022A: 6.9% - 2023A: 10.6% - 2024E: 12.3% - 2025E: 12.1% - 2026E: 11.9% [4] Investment Forecast and Recommendations - The revenue forecast for the company has been adjusted downwards for 2024, while the gross margin forecast has been slightly increased. The expected EPS for 2024-2026 is 1.59, 1.85, and 2.12 yuan respectively. The target price is set at 25.9 yuan, maintaining the "Buy" rating [8]