JINHUI(603919) Changjiang Securities·2024-11-19 12:33Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported a total revenue of 2.328 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 15.31%. The net profit attributable to shareholders was 333 million yuan, up 22.17% year-on-year, while the net profit excluding non-recurring items reached 337 million yuan, reflecting a 23.05% increase [5][6] - In Q3 2024, the company achieved a revenue of 574 million yuan, which is a 15.77% increase year-on-year. The net profit attributable to shareholders for this quarter was 38.07 million yuan, showing a significant increase of 108.84% year-on-year [5][6] - The gross profit margin for Q1-Q3 2024 was 64.14%, an increase of 0.65 percentage points year-on-year, while the net profit margin improved to 14.3%, up 0.8 percentage points [6] - The product structure has been continuously optimized, with revenue from products priced above 300 yuan reaching 472 million yuan for the first three quarters, a year-on-year increase of 43.8% [7] - The company forecasts an EPS of 0.79 yuan for 2024 and 0.95 yuan for 2025, with corresponding net profits of 399 million yuan and 484 million yuan, leading to a PE ratio of 27 and 23 times respectively [7]