supor(002032) 光大证券·2024-10-30 09:19Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady revenue growth with a year-on-year increase of 7% in revenue for the first three quarters of 2024, reaching 16.5 billion yuan [5] - The net profit attributable to the parent company for the same period is 1.4 billion yuan, reflecting a 5% year-on-year growth [5] - The company has adjusted its daily related transaction amount with SEB to 6.85 billion yuan for 2024, indicating a 12% increase compared to initial estimates, which is expected to drive growth in exports [6] - The gross margin for the first three quarters of 2024 is 24.5%, slightly down by 0.9 percentage points year-on-year, while the net profit margin remains stable at 8.7% [7] - The company is focused on product innovation and maintaining profitability through a strategy of introducing new products at higher prices [8] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 5.5 billion yuan, a 3% increase year-on-year, with a net profit of 490 million yuan, up 2% year-on-year [5] - The company’s total revenue for the first three quarters of 2024 is 16.5 billion yuan, with a net profit of 1.4 billion yuan [5] Cost Management - The company has seen a decrease in expense ratios, with sales, management, and R&D expense ratios at 10.1%, 1.8%, and 2.0% respectively for the first three quarters of 2024 [7] - The net cash position as of Q3 2024 is 2.61 billion yuan, indicating a strong liquidity position [7] Profitability Forecast - The company is projected to achieve net profits of 2.37 billion yuan, 2.58 billion yuan, and 2.80 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18, 17, and 15 [8] - The report emphasizes the company's leading position in the domestic kitchen appliance market and its competitive product offerings [8]