Investment Rating - The investment rating for the company is "Accumulate" (downgraded) [3] Core Insights - The company reported a revenue of 232 million yuan for the first three quarters of 2024, representing a year-on-year growth of 25.52%, while the net profit attributable to the parent company was 29 million yuan, a decrease of 6.09% year-on-year [5] - The decline in net profit is attributed to an increase in management expenses, which rose by 69.48% year-on-year to 40 million yuan, primarily due to stock incentive costs and increased employee compensation [5] - The company's operating cash flow improved, with a net outflow of 12 million yuan, a reduction of 51.97% year-on-year [5] - The company has adjusted its earnings forecast, expecting revenues of 336 million, 434 million, and 552 million yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 29.38%, 29.19%, and 27.08% [5] Financial Summary - Total revenue for 2022 was 182 million yuan, with a growth rate of 9.4%, and is projected to reach 336 million yuan in 2024, reflecting a growth rate of 29.4% [4] - The net profit attributable to the parent company was 54 million yuan in 2022, with a growth rate of 35.4%, and is expected to be 41 million yuan in 2024, showing an 8.7% growth rate [4] - The company's return on equity (ROE) is projected to improve from 5.7% in 2023 to 9.8% in 2026 [4] - The latest diluted earnings per share (EPS) are expected to be 0.55 yuan in 2024, increasing to 1.12 yuan by 2026 [4] Market Data - The total share capital of the company is 75 million shares, with a circulation ratio of 79.35% [2] - The highest and lowest stock prices over the past 12 months were 47.80 yuan and 13.60 yuan respectively [2] - The largest shareholder holds a 19.83% stake in the company [2]
凯德石英：三季报收入保持增长，经营性现金流有所改善