Core Viewpoint - The company reported strong financial performance for the first three quarters of 2024, with revenue and net profit showing significant year-on-year growth, driven by new products and customer acquisitions [1][3]. Financial Performance - For the first three quarters of 2024, the company achieved revenue of 4.273 billion yuan, a year-on-year increase of 33.79%. In Q3 2024, revenue reached 1.530 billion yuan, up 24.11% year-on-year and 15.48% quarter-on-quarter [3]. - The net profit attributable to shareholders for the first three quarters was 607 million yuan, reflecting a year-on-year growth of 33.24%. In Q3 2024, net profit was 235 million yuan, up 30.56% year-on-year and 54.09% quarter-on-quarter [3]. - The company’s non-recurring net profit for the first three quarters was 568 million yuan, with a year-on-year increase of 31.25%. In Q3 2024, this figure was 225 million yuan, up 29.80% year-on-year and 56.89% quarter-on-quarter [3]. Product and Customer Development - The company has made significant progress in collaborating with leading new energy vehicle manufacturers, with sales to the company’s fourth-largest customer, Li Auto, reaching approximately 300 million yuan, a 157.5% increase year-on-year [3]. - The company launched several new products, including body domain controllers and chassis domain controllers, and secured 43 new project contracts with major global automotive brands [3][5]. Segment Performance - In Q3 2024, revenue from various product segments included: lighting control systems (757 million yuan, +19.21% YoY), motor control systems (233 million yuan, +16.63% YoY), and energy management systems (250 million yuan, +94.09% YoY) [4]. - The gross margin for Q3 2024 was 29.65%, showing a year-on-year decrease of 0.92 percentage points but an increase of 3.54 percentage points quarter-on-quarter [4]. Strategic Positioning - The company is one of the few Chinese enterprises deeply integrated into the global high-end automotive brand ecosystem, focusing on control technology and offering over a hundred product varieties [5]. - The company is transitioning to a platform-based automotive electronics supplier, with a strong emphasis on domain controllers and a robust product development strategy [6]. Market Outlook - The company has established a comprehensive market presence among leading domestic and international new energy vehicle manufacturers, positioning itself to grow alongside key clients in the electric vehicle sector [7]. - The company’s revenue forecasts for 2024-2026 are projected at 6.431 billion yuan, 7.865 billion yuan, and 9.862 billion yuan, respectively, with net profits expected to reach 898 million yuan, 1.153 billion yuan, and 1.457 billion yuan [10].
科博达 | 2024Q3：业绩超预期 新产品、新客户持续突破【民生汽车 崔琰团队】
汽车琰究·2024-10-29 12:42