ANLI(SZ:300218) Tianfeng Securities·2024-10-17 05:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [5][13]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 0.5-0.6 billion in Q3 2024, representing a year-on-year growth of 30-55%. For the first three quarters of 2024, the net profit is projected to be 1.5-1.6 billion, reflecting a growth of 248-272% [1]. - The company has shown a steady increase in average selling prices, with a notable shift towards higher-priced products in sports, electronics, and automotive sectors, indicating an improvement in product and customer structure [1]. - The company has established stable partnerships with major automotive brands, including BYD, Toyota, and Great Wall, and is actively expanding its client base to include brands like Xiaomi and Google [1]. - The company is also deepening its collaboration with Apple, expecting sales growth in the first half of 2024 compared to the previous year [1]. Financial Performance - The company forecasts net profits of 2 billion, 2.6 billion, and 3.2 billion for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18.77, 14.55, and 11.84 [2]. - Revenue for 2024 is projected at approximately 2.62 billion, with a growth rate of 30.99% compared to 2023 [7]. - The company has reported a significant increase in R&D investment, amounting to approximately 1.1 billion, which is a year-on-year increase of 17.4% [1]. Production Capacity and Expansion - The company has optimized its production capacity, with 40 production lines currently operational, and is planning to establish additional lines in Vietnam, with two already in production [1]. - As of August 2024, the production capacity in Vietnam has increased to over 300,000 meters per month, with expectations to reach breakeven by the fourth quarter [4].