Xingyu Co.,Ltd(601799) 东方证券·2024-10-27 10:43Investment Rating - The report maintains a "Buy" rating for the company with a target price of 163.52 CNY, based on a 2024 PE valuation of 32 times [2][4]. Core Insights - The company's performance met expectations, with a revenue of 9.225 billion CNY for the first three quarters, representing a year-on-year growth of 27.5%. The net profit attributable to the parent company was 977 million CNY, up 25.0% year-on-year, and the net profit excluding non-recurring items was 929 million CNY, growing by 38.8% year-on-year [1]. - The gross margin slightly decreased to 20.1%, down 1.5 percentage points year-on-year, primarily due to customer structure adjustments. However, cash flow significantly improved, with a net cash flow from operating activities of 441 million CNY, a year-on-year increase of 638.6% [1]. - The company is actively expanding its customer base in the new energy sector and exploring overseas markets, establishing subsidiaries in Serbia, the USA, and Mexico to support global market entry [1]. Financial Summary - For 2024-2026, the forecasted EPS is 5.11 CNY, 6.53 CNY, and 7.94 CNY respectively, with adjustments made to gross margin and expense ratios [2]. - The projected revenue for 2024 is 12.409 billion CNY, with a year-on-year growth of 21.1%, and the net profit attributable to the parent company is expected to reach 1.460 billion CNY, reflecting a growth of 32.5% [7][9].