Henglin(603661) 国盛证券·2024-11-02 04:10Investment Rating - The report maintains a "Buy" rating for Henglin Co., Ltd. (603661.SH) [6] Core Views - The company continues to experience high revenue growth, with a reported revenue of 7.811 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 35.2%. However, net profit attributable to shareholders decreased by 27.3% to 266 million yuan [1][3] - The cross-border e-commerce segment is expected to contribute significantly to revenue growth, while profitability is temporarily pressured by factors such as shipping costs and exchange rate fluctuations [2][3] - The company has expanded its overseas warehouse capacity, which may lead to short-term efficiency declines but is expected to support future revenue growth [2] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.007 billion yuan, a year-on-year increase of 41.0%, but net profit attributable to shareholders fell by 55.6% to 46 million yuan [1][3] - Gross margin for Q3 2024 was reported at 14.3%, down 10.4 percentage points year-on-year, while net profit margin was 1.5%, also down 3.3 percentage points year-on-year [3] - The company’s operating cash flow for Q3 2024 was stable at 104 million yuan, with improvements in inventory turnover days [3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 330 million yuan, 510 million yuan, and 680 million yuan, respectively, with corresponding P/E ratios of 13.6X, 8.7X, and 6.6X [3][5]