SOKAN(688157) 开源证券·2024-10-18 02:37Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Views - The company has achieved record high performance driven by its dual wings of consumer electronics and passenger vehicle coatings, with a revenue of 527 million yuan for the first three quarters of 2024, representing a year-on-year increase of 27% [4] - The net profit attributable to the parent company for the same period reached 71.23 million yuan, up 33% year-on-year, with Q3 revenue of 203 million yuan, a 20% year-on-year increase and an 8% quarter-on-quarter increase [4] - The company is expected to see net profits of 127 million, 186 million, and 247 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.13, 1.67, and 2.21 yuan, indicating a PE ratio of 37.9, 25.7, and 19.4 times [4] Summary by Sections Consumer Electronics Business - The company's market share in the consumer electronics sector is steadily increasing, with revenue growth surpassing the industry average. In Q3 2024, high-end consumer electronics revenue reached 169 million yuan, a year-on-year increase of 21% and a quarter-on-quarter increase of 6% [5] - The global smartphone shipments in Q3 2024 were 316 million units, a 4% year-on-year increase, marking five consecutive quarters of growth. The company maintains deep collaborations with major clients such as Huawei and Xiaomi, contributing to its revenue growth [5] - The company is positioned to benefit from the anticipated surge in demand for AI smartphones, projected to capture 70% of the market share by 2028 [5] Passenger Vehicle Coatings Business - The passenger vehicle coatings segment has shown significant growth, with Q3 2024 revenue reaching 32.53 million yuan, a year-on-year increase of 22% and a quarter-on-quarter increase of 28% [6] - In Q3 2024, 3.38 million new energy vehicles were sold in China, reflecting a 33% year-on-year increase. The company is actively participating in key projects with major automotive clients, which are now entering the production ramp-up phase [6] - The company has established strategic technical collaborations with leading manufacturers to develop innovative coating solutions, indicating a successful expansion into the automotive coatings market [6] Financial Projections - The company's projected revenue for 2024 is 857 million yuan, with a year-on-year growth rate of 45.3%. The net profit is expected to reach 127 million yuan, reflecting a growth rate of 56.3% [7] - The gross margin is projected to be 49.5% in 2024, with a net margin of 14.8% [7] - The return on equity (ROE) is expected to improve from 6.0% in 2023 to 8.9% in 2024, indicating enhanced profitability [7]