爱玛科技：公司季报点评：24Q3收入相对持平，供应链优势突出

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a slight increase in revenue of 0.05% year-on-year for the first three quarters of 2024, totaling 17.46 billion yuan, while net profit decreased by 0.25% to 1.55 billion yuan [5] - The third quarter of 2024 saw a revenue decline of 5.05% year-on-year, with net profit down by 9.02% [5] - The gross margin for the first three quarters of 2024 was 17.42%, an increase of 1.6 percentage points year-on-year [5] - The company is enhancing its supply chain localization capabilities, which is expected to improve response times and reduce transportation costs [6] - Profit forecasts for 2024 and 2025 have been adjusted downwards due to external demand pressures, with projected net profits of 1.97 billion yuan and 2.28 billion yuan respectively, reflecting year-on-year growth of 5% and 16% [6] Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 17.46 billion yuan, with a net profit of 1.55 billion yuan [5] - The comprehensive gross margin for the first three quarters was 17.42%, with a period expense ratio of 7.49% [5] - The company’s revenue is projected to grow from 21.04 billion yuan in 2023 to 21.54 billion yuan in 2024, with a year-on-year growth rate of 2.4% [7] - The net profit is expected to increase from 1.88 billion yuan in 2023 to 1.97 billion yuan in 2024, representing a growth rate of 4.5% [7] Valuation Metrics - The company is assigned a price-to-earnings (P/E) ratio of 17-19 times for 2024, corresponding to a reasonable value range of 38.8-43.4 yuan per share [6] - The average P/E ratio for comparable companies in the industry is 20.48 for 2024E and 16.23 for 2025E [8]