Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][8] Core Insights - The company reported a revenue of 2.49 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9%, and a net profit attributable to shareholders of 340 million yuan, down 12% year-on-year. In Q3 2024, the revenue was 950 million yuan, a decrease of 6% year-on-year but an increase of 27% quarter-on-quarter. The net profit for Q3 was 120 million yuan, also down 12% year-on-year but up 18% quarter-on-quarter [5][6] - The improvement in Q3 performance is attributed to an increase in sales from core customers. The company has expanded its customer base in the new energy vehicle sector, becoming a qualified supplier for major manufacturers such as Tesla, Li Auto, NIO, Leap Motor, and BYD. In Q3 2024, Tesla China sold 182,000 units, up 25% quarter-on-quarter, while Li Auto and NIO saw increases of 41% and 8% respectively [6][7] - The company is actively developing its integrated die-casting business, with four production lines established in Jiangsu and Anhui. The first line in Yancheng has begun mass production. A new investment project in Jinhua is planned with a total investment of 1 billion yuan, expected to generate sales of 2.1 to 2.3 billion yuan over its lifecycle [7][8] Financial Summary - The company forecasts revenues of 4.1 billion yuan for 2024, 5.0 billion yuan for 2025, and 5.8 billion yuan for 2026, with net profits of 500 million yuan, 630 million yuan, and 750 million yuan respectively. The earnings per share (EPS) are projected to be 2.11 yuan, 2.63 yuan, and 3.12 yuan for the same years. The price-to-earnings (PE) ratios are estimated at 12, 10, and 8 times for 2024, 2025, and 2026 respectively [8][9][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.4 billion yuan for the first three quarters of 2024, a year-on-year decrease of 11.7% [1] - The third quarter revenue was 9.6 billion yuan, showing a quarter-on-quarter increase of 26.9% [1] - The company is expected to benefit from the recovery in customer demand and the ramp-up of new projects, particularly with major clients like Tesla [1] - The company is actively expanding its production capacity in integrated die-casting and lightweight vehicle body projects to meet customer needs [1] Financial Summary - Revenue (million yuan): - 2022A: 3,355 - 2023A: 3,959 - 2024E: 4,628 - 2025E: 5,218 [1] - Year-on-year growth rate for revenue: - 2022A: 21% - 2023A: 1% - 2024E: 17% - 2025E: 13% [1] - Net profit attributable to the parent company (million yuan): - 2022A: 446 - 2023A: 509 - 2024E: 614 - 2025E: 712 [1] - Year-on-year growth rate for net profit: - 2022A: 16% - 2023A: 2% - 2024E: 21% - 2025E: 16% [1] - Earnings per share (yuan): - 2022A: 1.87 - 2023A: 2.13 - 2024E: 2.57 - 2025E: 2.98 [1] - Price-to-earnings (P/E) ratio: - 2023A: 13.7 - 2024E: 12.0 - 2025E: 9.9 - 2026E: 8.6 [1] - Price-to-book (P/B) ratio: - 2023A: 1.3 - 2024E: 1.1 - 2025E: 1.0 [1]

Group 1: Financial Performance - In Q3 2024, the company achieved operating revenue of 9.55 billion CNY, a 26.86% increase compared to Q2 2024 [1] - Net profit attributable to shareholders was 1.23 billion CNY, up 17.94% from Q2 2024 [1] - For the first nine months of 2024, operating revenue totaled 24.87 billion CNY, a year-on-year decrease of 9.42% [1] - Net profit attributable to shareholders for the first three quarters was 3.42 billion CNY, down 11.68% year-on-year [1] - The comprehensive gross profit margin for the first three quarters was 22.12%, a decrease of 2.22 percentage points year-on-year [1] Group 2: Inventory and Production - As of September 2024, the company's inventory balance was 7.83 billion CNY, an increase of 2.16 billion CNY compared to the beginning of the year [2] - The increase in inventory was primarily due to higher procurement volumes from major customers in response to increased production and sales [2] - The company plans to maintain stable order production in Q4 2024, anticipating revenue growth from new model releases by major clients [2] Group 3: Client Relationships and Capital Expenditure - The company's main clients remain unchanged, including Tesla, Li Auto, and NIO, with ongoing discussions for new models [2] - Capital expenditures will focus on fundraising projects and ongoing construction projects, including a new manufacturing base for integrated automotive parts [2] - The company is expanding its integrated die-casting capacity based on customer demand, with new production lines being established in Jiangsu and Anhui [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 25.30 CNY per share on October 29, 2024, corresponding to a PE ratio of 12/10/8 for the years 2024-2026 [3]. Core Insights - The company's Q3 2024 performance met expectations, with a revenue of 9.5 billion CNY, a year-on-year decrease of 5.7%, but a quarter-on-quarter increase of 26.9%. The net profit for the same quarter was 1.2 billion CNY, down 11.8% year-on-year but up 17.9% quarter-on-quarter [1]. - The company is a leading player in the automotive stamping parts sector, with significant market shares in various components for electric vehicles, and has established itself as a qualified supplier for major manufacturers like Tesla and Li Auto [1]. - The company is advancing its integrated die-casting business, with a new 9,200T die-casting unit set to be operational by the end of 2023, and plans for additional large-scale production lines in the future [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 24.9 billion CNY, down 9.4% year-on-year, and a net profit of 3.4 billion CNY, down 11.7% year-on-year. The Q3 2024 revenue was 9.5 billion CNY, with a gross margin of 21.6% [1][2]. - The projected revenues for 2024-2026 are 39.5 billion CNY, 47.1 billion CNY, and 55.5 billion CNY, respectively, with net profits expected to be 5.0 billion CNY, 6.1 billion CNY, and 7.3 billion CNY [1][4]. Market Position - The company holds a nearly 4% market share in front longitudinal beams for passenger cars and approximately 12% in the new energy market for C-pillar inner assembly [1]. - The company has successfully penetrated the new energy vehicle market, becoming a key supplier for several leading manufacturers [1]. Future Growth Potential - The integrated die-casting projects are expected to significantly enhance operational efficiency and reduce costs, with a projected sales amount of 21-23 billion CNY over the lifecycle of a new project starting in 2025 [1]. - The company is well-positioned to increase its market share due to its competitive pricing and rapid response capabilities, particularly in the growing new energy vehicle sector [1].

滁州多利汽车科技股份有限公司 2024 年第三季度报告 证券代码：001311 证券简称：多利科技 公告编号：2024-046 滁州多利汽车科技股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度报告是否经过审计：否。 1 滁州多利汽车科技股份有限公司 2024 年第三季度报告 一、主要财务数据 （一）主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------------------------------|--------------------------|---------------------------|------------------ ...

关于公司监事股份减持计划的预披露公告 公司监事赵国文先生保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示：持有本公司股份 135,200 股（占本公司总股本比例 0.0566%）的监事 赵国文先生计划自本公告披露之日起 15 个交易日后的 3 个月内以集中竞价交易方式 减持本公司股份不超过 33,800 股（占本公司总股本比例 0.0142%）。 滁州多利汽车科技股份有限公司（简称"公司"）近日收到监事赵国文先生的 《股份减持计划告知函》，现将有关情况公告如下： 证券代码：001311 证券简称：多利科技 公告编号：2024-045 滁州多利汽车科技股份有限公司 6、减持价格：根据减持时的市场价格确定； 7、赵国文先生不存在《深圳证券交易所上市公司自律监管指引第 18 号——股 东及董事、监事、高级管理人员减持股份》第九条规定的情形； 一、本次拟减持股东的基本情况 1、股东名称：赵国文 2、股东持股情况：截至本公告披露日，赵国文先生持有公司股份 135,200 股， 占 ...

证券代码：001311 证券简称：多利科技 公告编号：2024-043 滁州多利汽车科技股份有限公司 表决结果：同意 9 票，反对 0 票，弃权 0 票。 详见刊登于 2024 年 9 月 25 日的《中国证券报》《证券时报》《上海证券报》 《 证 券 日 报 》《 经 济 参 考 报 》 及 深 圳 证 券 交 易 所 网 站 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn/）上的《关于公司签署项目投资协议暨对外投资的 公告》（公告编号：2024-044）。 第二届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 滁州多利汽车科技股份有限公司（简称"公司"）第二届董事会第十七次会议 通知于 2024 年 9 月 19 日以书面方式发出，会议于 2024 年 9 月 24 日在公司办公 地点召开。本次会议应出席董事 9 人，亲自出席董事 9 人。会议由董事长邓丽琴 女士主持，公司监事、高级管理人员和保荐机构代表列席会议。会议的召集和召 开符合《公司法》《公司章程》等有关规定。 二、董 ...

证券代码：001311 证券简称：多利科技 公告编号：2024-044 滁州多利汽车科技股份有限公司 关于公司签署项目投资协议暨对外投资的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、对外投资概述 1、基本情况 为促进公司业务发展，滁州多利汽车科技股份有限公司（简称"公司"）拟与 金华经济技术开发区管理委员会签署《年产 20 万套汽车车身一体化结构件项目投资 协议》，公司计划在金华市经济技术开发区（简称"金华开发区"）投资建设汽车 车身一体化结构件项目，建设压铸生产线。项目计划总投资 100,000 万元，分两期 实施，其中一期项目计划总投资 60,000 万元；二期项目计划总投资 40,000 万元， 二期项目将视一期项目进展情况推进实施。 2、审议程序 名称：金华经济技术开发区管理委员会 主体类型：地方政府机构 与公司关联关系：该主体与公司及公司控股股东、实际控制人、持股 5%以上股 东、董事、监事、高级管理人员不存在关联关系。 2、金华经济技术开发区管理委员会信用状况良好，具有良好的资信及履约能力， 不属于失信被执行人。 三、协议主要内容 1 ...

载、误导性陈述或重大遗漏。 滁州多利汽车科技股份有限公司（简称"公司"）近日接到控股股东、实际控 制人曹达龙先生通知，获悉其所持有本公司的部分股份解除质押，具体事项如下： 证券代码：001311 证券简称：多利科技 公告编号：2024-042 一、解除质押基本情况 滁州多利汽车科技股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 特此公告！ | 股东名称 | 是否为控股股东 | 本次解除质 | 占其所 | 占公司 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 或第一大股东及 | 押股份数量 | 持股份 | 总股本 | 起始日 | | 解除日期 | | 质权人 | | | 其一致行动人 | （股） | 比例 | 比例 | | | | | | | 曹达龙 | 是 | 2,600,000 | 2.30% | 1.09% | 2023 月 20 | 年 7 日 | 2024 9 月 4 | 年 日 | 中信银行股份 有限公司滁州 | | | ...

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：20.17 元 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3,355 3,913 3,959 4,628 5,218 增长率 yoy% 21% 17% 1% 17% 13% 净利润（百万元） 446 497 509 614 712 增长率 yoy% 16% 11% 2% 21% 16% 每股收益（元） 1.87 2.08 2.13 2.57 2.98 每股现金流量 1.19 2.14 2.93 2.70 3.29 净资产收益率 24% 12% 11% 12% 12% P/E 10.8 9.7 9.5 7.8 6.8 P/B 2.6 1.1 1.0 0.9 0.8 备注：数据截至 2024/08/26 [Table_Profit] 基本状况 总股本(百万股) 239 流通股本(百万股) 61 市价(元) 20.17 市值(百万元) 4,818 流通市值(百万元) 1,223 多利科技(001311.SZ)/汽车 证券研究报 ...