JINHUI(603919) 中原证券·2024-12-17 03:34Investment Rating - The report has downgraded the investment rating of the company to "Cautious Accumulate" [18][31]. Core Views - The company achieved a revenue of 574 million yuan in Q3 2024, representing a year-on-year growth of 15.77%, although the growth rate has slowed compared to the previous year's 47.84% [16]. - For the first three quarters of 2024, the company reported a total revenue of 2.328 billion yuan, with a year-on-year increase of 15.31%, a decrease of 14 percentage points from the previous year [16]. - The company's gross margin improved to 64.14%, an increase of 0.65 percentage points year-on-year, despite a shift in product structure towards lower-end products [17]. - The company reduced sales expenses, leading to an improvement in shareholder returns, with the sales expense ratio decreasing by 0.93 percentage points and the shareholder return rate increasing by 1.94 percentage points to 10.32% [17]. Financial Data Summary - Revenue for 2024 is projected to be 2.981 billion yuan, with a growth rate of 17% [22]. - Net profit for 2024 is estimated at 404 million yuan, reflecting a growth rate of 22.73% [22]. - Earnings per share (EPS) for 2024 is forecasted to be 0.80 yuan, with corresponding price-to-earnings (P/E) ratios of 25.99, 21.64, and 18.51 for 2024, 2025, and 2026 respectively [18][22]. - The company’s total assets are expected to reach 4.805 billion yuan by 2024, with a debt-to-asset ratio of 25.98% [26].