ConST(300445)2024-10-24 06:30Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Insights - The company reported a steady revenue growth of 8% year-on-year for the first three quarters of 2024, with a significant increase in net profit attributable to shareholders of 27% year-on-year [2][3]. - The international market showed robust performance with a revenue increase of 23%, while the domestic market faced a slight decline of 3% due to slower demand [2]. - The company has successfully achieved self-supply of pressure sensors, enhancing its production capabilities and operational efficiency [3]. Financial Performance Summary - Revenue Forecast: The company expects revenues to grow from 498 million yuan in 2023 to 854 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 22% [1]. - Net Profit Forecast: The net profit attributable to shareholders is projected to increase from 102 million yuan in 2023 to 188 million yuan in 2026, reflecting a CAGR of around 26% [1]. - Earnings Per Share (EPS): EPS is expected to rise from 0.48 yuan in 2023 to 0.88 yuan in 2026 [1]. - Valuation Ratios: The price-to-earnings (P/E) ratio is projected to decrease from 35.1 in 2023 to 19.0 in 2026, indicating an improving valuation over time [1]. Operational Efficiency - The company reported a gross margin of 64.67% for the first three quarters of 2024, with a net profit margin of 24.66%, showing improvements in profitability [2]. - The operating cash flow for the first three quarters of 2024 was 1.03 billion yuan, a significant increase of 259% year-on-year, indicating strong cash generation capabilities [2]. Market Position - The company is recognized as a leader in the domestic industrial pressure detection instruments market, with a strong focus on enhancing its product offerings and expanding into new growth areas [3].