LZLJ(000568) 天风证券·2024-11-07 00:31Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [4]. Core Views - The company has shown stable performance in profitability, with Q3 2024 revenue, net profit attributable to the parent, and net profit excluding non-recurring items reported at 7.399 billion, 3.566 billion, and 3.570 billion yuan respectively, reflecting year-on-year growth of 0.67%, 2.58%, and 3.52% [1][2]. - The company is focusing on long-term healthy development by actively reducing burdens on channels and stabilizing prices, which is expected to lead to a positive growth trajectory in future performance [2]. - The company’s gross margin and net margin for Q3 2024 were 88.12% and 48.13%, with slight year-on-year changes of -0.52 and +0.79 percentage points respectively [1]. Financial Data Summary - Revenue is projected to grow from 32.86 billion yuan in 2024 to 39.43 billion yuan in 2026, with year-on-year growth rates of 9%, 8%, and 11% respectively [2][3]. - Net profit attributable to the parent company is expected to increase from 14.25 billion yuan in 2024 to 17.38 billion yuan in 2026, with corresponding growth rates of 8%, 9%, and 12% [2][3]. - The company’s operating cash flow for Q3 2024 was reported at 4.240 billion yuan, showing a year-on-year increase of 24.52% [2]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 14X, 13X, and 12X respectively [2][3]. - The company’s total market capitalization is approximately 205.93 billion yuan, with a circulating market value of about 205.27 billion yuan [4]. Key Financial Ratios - The company’s asset-liability ratio stands at 31.46% [4]. - The earnings per share (EPS) is projected to rise from 9.00 yuan in 2023 to 11.81 yuan in 2026 [3][9].