GUJING(000596) 长江证券·2024-11-18 02:33Investment Rating - The report maintains a "Buy" rating for the company [7][6]. Core Insights - The company demonstrated resilient operational performance with steady revenue growth, achieving a total revenue of 19.069 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 19.53%. The net profit attributable to shareholders reached 4.746 billion yuan, up 24.49% year-on-year [5][6]. - In Q3 2024, the company reported a revenue of 5.263 billion yuan, reflecting a year-on-year growth of 13.36%, and a net profit of 1.174 billion yuan, which is a 13.6% increase compared to the same period last year [5][6]. - The company's cash flow from sales and services for Q1-Q3 2024 was 19.705 billion yuan, up 13.58% year-on-year, indicating healthy growth quality [5][6]. - The company's gross profit margin faced some pressure in Q3 2024, decreasing by 1.55 percentage points to 77.87%, while the net profit margin improved slightly by 0.05 percentage points to 22.3% [6]. - The company is advancing its "nationalization and mid-to-high-end" strategy, with a solid domestic market position and steady expansion in provincial markets, aiming for continuous breakthroughs during the 14th Five-Year Plan period [6]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 19.069 billion yuan, with a net profit of 4.746 billion yuan and a non-recurring net profit of 4.7 billion yuan [5][6]. - The projected earnings per share (EPS) for 2024 and 2025 are 10.63 yuan and 12.50 yuan, respectively, corresponding to price-to-earnings (PE) ratios of 19 and 16 times at the current stock price [6].