Core Viewpoint - Haon Automotive Electronics (301488.SZ) reported mixed results in its Q3 financial report, revealing a significant divergence between revenue growth and profit decline, raising concerns about cash flow and market expectations [1][3]. Financial Performance - For the first three quarters, Haon Automotive Electronics achieved a revenue of 1.263 billion yuan, representing a year-on-year increase of 32.39%. In Q3 alone, revenue was 458 million yuan, up 26.79% year-on-year [2]. - In contrast, the net profit attributable to shareholders for the first three quarters was 63.75 million yuan, down 7.18% year-on-year. The net profit excluding non-recurring items was 56.38 million yuan, a slight increase of 1.44% [3]. - The Q3 net profit attributable to shareholders was 16.89 million yuan, reflecting a year-on-year decline of 26.49%. The overall net profit margin for the first three quarters was 5.06%, down 2.31 percentage points from the previous year [3][6]. Cost and Cash Flow Concerns - Despite a slight increase in gross margin from 20.76% in the first half to 20.97% in Q3, the surge in operating expenses led to a significant reduction in profit margins. Total expenses for the first three quarters reached 196 million yuan, an increase of 69.13 million yuan year-on-year [6]. - The company reported a negative net cash flow from operating activities of -48.73 million yuan for the first three quarters, although this was an improvement from -49.47 million yuan in the same period last year. Continuous negative cash flow raises questions about the quality of revenue growth [6]. - Accounts receivable increased from 386 million yuan to 418 million yuan, and inventory surged from 267 million yuan to 454 million yuan, a growth of 70.11%, indicating potential issues with credit extension and inventory management [6]. Business Outlook and Market Position - Haon Automotive Electronics emphasized a strong order backlog, with a total of 20.9 billion yuan in contracted projects, suggesting robust future revenue potential [7][9]. - The company is deeply integrated with major automotive manufacturers, positioning itself well within the smart driving industry, which is expected to drive future growth [9]. - The collaboration with NVIDIA is seen as a strategic advantage, although it also entails high R&D costs and competitive pressures, which may not yield immediate financial benefits [10][12]. Market Sentiment and Stock Performance - The stock price of Haon Automotive Electronics experienced a significant decline of over 30% from a peak of 222.22 yuan per share in mid-September to 149.39 yuan following the Q3 report [1]. - The initial stock surge was driven by optimistic market sentiment regarding order expectations and the potential of smart driving technology, but the subsequent profit decline has led to a reassessment of valuations [8][12].
财说| 解码豪恩汽电三季报：营收狂奔背后的利润迷局