WONLY(605268) 天风证券·2024-11-14 04:20Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 9.77 CNY [4][3]. Core Insights - The company reported a revenue of 800 million CNY for Q3 2024, reflecting a 2% year-on-year increase, while the net profit attributable to shareholders decreased by 45% to 30 million CNY [1]. - For the first three quarters of 2024, the company achieved a revenue of 2.1 billion CNY, a 9% increase year-on-year, but the net profit attributable to shareholders fell by 16% to 80 million CNY [1]. - The gross margin for the first three quarters of 2024 was 25.7%, down 1.4 percentage points, and the net profit margin was 3.9%, down 1.1 percentage points [1]. Summary by Sections Financial Performance - The company has established a diversified sales channel system, including direct sales, distributors, and e-commerce platforms, covering all 31 provinces and municipalities in China [2]. - The production scale effect is significant, as the company is one of the largest manufacturers of safety doors in China, with four major production bases [2]. - The company has adjusted its earnings forecast for 2024-2026, expecting EPS of 0.25, 0.30, and 0.37 CNY respectively, with corresponding PE ratios of 39X, 32X, and 26X [3][4]. Market Position - The company is leveraging its production scale and channel advantages to enhance its market position, focusing on customization and flexibility in production to meet increasing market demands [2]. - The report highlights the company's strong sales network and the ongoing upgrades to its distribution channels, which are expected to facilitate rapid product promotion and application [2]. Financial Projections - The projected revenue for 2024 is 3.32 billion CNY, with a growth rate of 9.1%, followed by 3.67 billion CNY in 2025 and 4.09 billion CNY in 2026, with growth rates of 10.4% and 11.5% respectively [6][9]. - The net profit attributable to shareholders is expected to reach 112.21 million CNY in 2024, 135.47 million CNY in 2025, and 168.41 million CNY in 2026, reflecting significant recovery from previous losses [6][9].