Perfect(SH:603059) KAIYUAN SECURITIES·2024-11-01 05:39Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company's revenue for Q1-Q3 2024 reached 940 million yuan, representing a year-on-year increase of 23.1%, while the net profit attributable to shareholders decreased by 29.4% to 40 million yuan [2][3] - In Q3 2024, the company achieved revenue of 320 million yuan, a year-on-year increase of 13.7%, but the net profit attributable to shareholders fell by 61.8% to 8.61 million yuan [2][3] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 90 million, 151 million, and 198 million yuan respectively, with year-on-year changes of -4.6%, +67.9%, and +29.4% [2][3] - The company’s main business continues to grow steadily, with significant growth in new oral care products [2][3] Financial Performance Summary - For Q1-Q3 2024, the company reported a gross margin of 24.7% and a net margin of 4.3%, with year-on-year changes of +1.52 percentage points and -3.44 percentage points respectively [2][3] - The company’s gross margin for Q3 2024 was 23.7%, a decrease of 0.37 percentage points year-on-year, while the net margin was 2.6%, down 5.34 percentage points year-on-year [2][3] - The company’s revenue is projected to grow from 1.329 billion yuan in 2024 to 1.746 billion yuan in 2026, with year-on-year growth rates of 24.6%, 15.7%, and 13.6% respectively [3][4] - The earnings per share (EPS) are expected to be 0.88 yuan in 2024, increasing to 1.91 yuan by 2026, with corresponding P/E ratios of 26.3, 15.6, and 12.1 [3][4]