MILKYWAY(603713) 华福证券·2024-10-30 00:39Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [10]. Core Views - The company has demonstrated stable operations with a year-on-year revenue increase of 25.3% and a net profit increase of 21.7% for the first three quarters of 2024 [1]. - The company is expected to continue its steady operational strategy, with projected net profits of 6.6 billion, 7.5 billion, and 8.7 billion for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings ratios of 14, 13, and 11 times [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 95.5 billion, a gross profit of 10.6 billion, and a net profit attributable to the parent company of 4.9 billion, with respective year-on-year growth rates of 25.3%, 18.7%, and 21.7% [1][2]. - In Q3 2024 alone, the company reported a revenue of 35.6 billion, a gross profit of 3.8 billion, and a net profit of 1.8 billion, reflecting year-on-year growth rates of 14.9%, 11.9%, and 19.9% [1][2]. - The gross profit margin for the first three quarters of 2024 was 11.1%, a decrease of 0.6 percentage points year-on-year, while the net profit margin was 5.1%, down 0.2 percentage points year-on-year [2]. Future Projections - The company is projected to have a revenue growth rate of 22.8% in 2024, followed by 13.5% in 2025 and 13.6% in 2026 [8]. - The net profit attributable to the parent company is expected to grow by 52.1% in 2024, 14.4% in 2025, and 15.6% in 2026 [8]. - The earnings per share (EPS) is forecasted to increase from 2.66 in 2023 to 4.05 in 2024, and further to 4.63 and 5.36 in 2025 and 2026 respectively [8].