supor(002032) 天风证券·2024-10-25 14:01Investment Rating - The investment rating for the company is "Buy" with a maintained rating [3][11]. Core Views - The company achieved a revenue of 16.512 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 7.45%, and a net profit attributable to the parent company of 1.433 billion yuan, up 5.19% year-on-year [1]. - The company has increased its annual related transaction amount with SEB to 6.85 billion yuan, which is an increase of 740 million yuan from the initial estimate and a 15% increase compared to the actual related transaction amount in 2023 [1]. - The gross profit margin for the first three quarters of 2024 was 24.47%, a decrease of 0.93 percentage points year-on-year, while the net profit margin was 8.67%, down 0.19 percentage points year-on-year [2]. - The company has adjusted its revenue forecasts for both domestic and foreign sales, expecting net profits attributable to the parent company for 2024, 2025, and 2026 to be 2.26 billion, 2.41 billion, and 2.59 billion yuan respectively [2]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 5.548 billion yuan, a year-on-year increase of 3.03%, and a net profit of 492 million yuan, up 2.22% year-on-year [1]. - The company’s gross profit margin for Q3 2024 was 24.62%, a decrease of 0.76 percentage points year-on-year, while the net profit margin was 8.87%, down 0.09 percentage points year-on-year [2]. Sales and Expenses - The sales expense ratio for the first three quarters of 2024 was 10.1%, a decrease of 0.73 percentage points year-on-year, attributed to the increase in foreign sales [2]. - The company’s total revenue for 2024 is projected to be 22.47 billion yuan, with a growth rate of 5.47% [4]. Valuation Metrics - The dynamic price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 19.0x, 17.8x, and 16.6x respectively [2]. - The company’s total market capitalization is approximately 42.87 billion yuan [3].