Sirui(688102) 华龙证券·2024-11-05 04:00Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown continuous revenue growth driven by emerging businesses, with a 10.98% year-on-year increase in revenue to 964 million yuan and a 14.36% increase in net profit attributable to shareholders to 78 million yuan in the first three quarters of 2024 [1] - The sales structure optimization has accelerated revenue growth, while improved operational quality has led to significant profit increases. The third quarter saw a 41.23% year-on-year increase in net profit to 22 million yuan, attributed to enhanced gross margins and rapid growth in high-margin new businesses such as commercial aerospace [1] - The company has increased its R&D investment by 26.34% to 51 million yuan, focusing on emerging fields like commercial aerospace and medical imaging, which are expected to become new growth points [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 964 million yuan, a 10.98% increase year-on-year, and a net profit of 78 million yuan, up 14.36% year-on-year [1] - The third quarter net profit reached 22 million yuan, reflecting a 41.23% increase compared to the same period last year [1] - The company plans to raise up to 600 million yuan through a private placement to fund projects related to liquid rocket engine components and medical imaging equipment [1] Earnings Forecast - The company is projected to achieve net profits of 129 million yuan, 180 million yuan, and 232 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 31.55%, 39.33%, and 28.75% [2] - Revenue is expected to grow from 1,440 million yuan in 2024 to 2,234 million yuan in 2026, with growth rates of 22.07%, 25.73%, and 23.38% [2] Comparable Company Valuation - The company’s current P/E ratio is 48.7 for 2024, compared to an average of 27.7 for comparable companies [3] - The company is positioned in high-tech and high-growth sectors, justifying a premium valuation [1][2]