supor(002032) 国盛证券·2024-10-25 07:09Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported stable revenue and profit growth, with a year-on-year increase in revenue of 7.45% to 16.512 billion RMB and a net profit increase of 5.19% to 1.433 billion RMB for the first three quarters of 2024 [1]. - The gross margin and profitability showed slight declines, with gross margins at 24.47% for Q1-Q3 2024, down 0.93 percentage points year-on-year [1]. - The company has raised its expected annual related party transaction amount with its parent company SEB from an initial estimate of 6.11 billion RMB to 6.85 billion RMB, reflecting a 17.2% increase compared to the actual amount in 2023 [1]. - Profit forecasts for the company are projected to be 2.3 billion RMB, 2.48 billion RMB, and 2.66 billion RMB for 2024, 2025, and 2026 respectively, indicating growth rates of 5.6%, 7.9%, and 7.0% [1]. Financial Summary - For the fiscal year 2024, the company is expected to achieve a revenue of 22.815 billion RMB, with a year-on-year growth rate of 7.1% [2]. - The projected net profit for 2024 is 2.302 billion RMB, reflecting a growth rate of 5.6% [2]. - The earnings per share (EPS) is expected to be 2.87 RMB for 2024, with a net asset return rate of 36.3% [2]. - The price-to-earnings (P/E) ratio is projected to be 19.1 for 2024, indicating a favorable valuation compared to historical performance [2].