泉峰控股：Q3表现亮眼，全年收入增长或超目标上限

Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Views - The company is expected to achieve a revenue growth exceeding 20% for the full year, driven by strong terminal sales performance and improved operational efficiency [2][3]. - The net profit for the first three quarters of 2024 is projected to be approximately $100 million, reflecting a year-on-year increase of over 300$2.3 million in the same period last year [2]. Summary by Sections Earnings Performance - The company has ended its destocking cycle, which has contributed to profit growth through scale recovery and cost control [2]. - Key factors supporting profit growth include strong terminal sales of EGO, the end of the destocking cycle, optimized operational expenses, and improved gross margins due to enhanced operational efficiency [2]. Outlook - Based on the growth momentum observed in the first nine months of 2024, the company is confident in achieving its revenue growth target of over 20% for the full year [2]. - The earnings forecast has been adjusted, with expected revenues for 2024-2026 projected at $1.68 billion,$2.02 billion, and $2.36 billion, respectively. The net profit attributable to the parent company is expected to be$134 million, $170 million, and$204 million for the same period [2][3]. Financial Summary - The company reported total revenue of $1.37 billion in 2023, with a year-on-year decline of 30.89$1.68 billion in 2024, reflecting a growth of 22.19% [3][4]. - The gross margin is expected to improve to 32.08% in 2024, up from 28.14% in 2023 [3][4].