国海证券：区域组合、定制化服务及新赞助驱动法拉利营收增长

Core Viewpoint - Ferrari's revenue growth is driven by regional diversification, customized services, and new sponsorships, with a total revenue of €1.64 billion in Q3 2024, representing a 7% year-over-year increase [1] Revenue Breakdown - Automotive and parts revenue reached €1.4 billion, up 5% year-over-year, accounting for 85.2% of total revenue, primarily due to a richer regional mix and customized services [1] - Sponsorship, commercial, and brand revenue amounted to €170 million, a 20% year-over-year increase, driven by new naming sponsorships, representing 10.6% of total revenue [1] Shipment and Product Mix - Total shipments for Q3 2024 were 3,383 units, a 2% decrease year-over-year, with hybrid models making up 55% of the total [1] Future Projections - Revenue projections for 2024-2026 are €6.6 billion, €7.2 billion, and €7.8 billion, with year-over-year growth rates of +11%, +9%, and +8% respectively [1] - Net profit attributable to the parent company is expected to be €1.4 billion, €1.5 billion, and €1.7 billion for the same period, with growth rates of +13%, +9%, and +9% respectively [1] Investment Rating - The company is viewed positively due to the expected performance driven by new models and customized services, with an initial coverage rating of "Buy" [1]