SPG(600529) 中邮证券·2024-10-30 05:00Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7]. Core Views - The company reported a revenue of 3.825 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 4.12%, while the net profit attributable to the parent company was 720 million yuan, up 17.29% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 1.239 billion yuan, a slight decline of 0.99% year-on-year, but the net profit for the same quarter was 245 million yuan, reflecting a year-on-year increase of 7.23% [2]. - The revenue growth has slowed down, but Q4 is expected to accelerate due to the gradual implementation of centralized procurement [2][3]. - The gross margin for Q3 2024 was 31.6%, showing a year-on-year increase of 0.9 percentage points but a decrease of 2.5 percentage points quarter-on-quarter, primarily due to product mix effects [2][3]. Financial Performance - The company forecasts revenues of 5.573 billion yuan and 6.196 billion yuan for 2024 and 2025, respectively, with year-on-year growth rates of 11.9% and 11.2% [4]. - The net profit attributable to the parent company is projected to be 948.31 million yuan in 2024 and 1.0965 billion yuan in 2025, with growth rates of 22.24% and 15.63% respectively [4]. - The earnings per share (EPS) are expected to be 1.43 yuan in 2024 and 1.65 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 17.89X and 15.48X [4][6].