SIRIO(300791) 中原证券·2024-12-06 11:23Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [29]. Core Insights - The company achieved a revenue of 1.058 billion yuan in Q3 2024, reflecting a year-on-year growth of 10.43%, although the growth rate has narrowed compared to previous periods [16]. - Cash flow from sales grew faster than revenue, with cash receipts from sales reaching 3.047 billion yuan in the first three quarters, up 22.86% year-on-year [16]. - The gross profit margin improved to 31.21%, an increase of 1.06 percentage points, primarily due to a decrease in costs, with operating costs rising by 19.95% [17]. - The net profit margin reached 6.98%, up 0.6 percentage points, benefiting from improved product margins despite increased marketing and R&D expenses [17]. - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 1.51 yuan, 1.93 yuan, and 2.27 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 17.93, 13.99, and 11.88 based on the closing price of 27.01 yuan on December 5 [17]. Financial Data Summary - Revenue for 2024 is projected at 4.298 billion yuan, with a growth rate of 20% [22]. - Net profit for 2024 is estimated at 355 million yuan, reflecting a growth rate of 26.4% [22]. - The company’s total assets are expected to reach 5.491 billion yuan by 2024, with a debt-to-asset ratio of 50.97% [25]. - The return on equity (ROE) is projected to be 13.92% in 2024, indicating improved profitability [25].