Daimay(603730) 东方证券·2024-11-03 03:12Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.71 CNY, indicating a potential upside from the current price of 9.36 CNY [2]. Core Insights - The company's performance met expectations, with a revenue of 4.804 billion CNY for the first three quarters, representing a year-on-year growth of 9.0%. The net profit attributable to the parent company was 623 million CNY, up 15.6% year-on-year [1]. - Gross margin continues to improve, with a gross margin of 28.3% for the first three quarters, an increase of 0.3 percentage points year-on-year. The third quarter gross margin was 28.8%, reflecting a 0.7 percentage point increase both year-on-year and quarter-on-quarter [1]. - The company's cash flow from operating activities showed a significant increase, with a net cash flow of 571 million CNY, up 226.0% year-on-year, primarily due to increased cash receipts from sales [1]. Financial Performance Summary - For 2024-2026, the forecasted net profit attributable to the parent company is 851 million CNY, 1.060 billion CNY, and 1.321 billion CNY respectively, with adjustments made from previous estimates [4]. - The company is expected to maintain a comparable company PE average valuation of 21 times for 2024, supporting the target price of 10.71 CNY [4]. - The company's revenue is projected to grow from 5.861 billion CNY in 2023 to 10.129 billion CNY by 2026, with a compound annual growth rate of 25.5% [7].