浙江仙通：Q3增长放缓，看好中期成长

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 842 million with a year-on-year growth of 14.6% for the first three quarters of 2024, and a net profit attributable to shareholders of 129 million, up 33.2% [4]. - In Q3 alone, the company achieved a revenue of 287 million, reflecting a growth of 3.0%, while the net profit attributable to shareholders decreased by 12.5% to 38 million [4]. - The company has shown strong performance compared to the automotive industry, which saw a sales increase of 2.4% during the same period [4]. - The gross margin improved by 1.4 percentage points to 30.4% due to revenue growth and new projects, despite a decline in Q3 gross margin by 2.0 percentage points to 28.9% [4]. - The company has a significant cost advantage, with over 90% of its molds self-manufactured, a high product yield rate of over 95%, and a low labor cost due to its location [5]. - The customer base has been expanding, with major domestic automotive manufacturers as clients, and the company is the only domestic enterprise capable of mass-producing frameless sealing strips [5]. - Future projections estimate net profits of approximately 190 million and 250 million for 2024 and 2025, respectively, corresponding to PE ratios of 19 and 15 [5]. Financial Summary - For 2023, the total revenue is projected at 1,066 million, with a gross profit of 313 million, leading to a net profit of 151 million [8]. - The company expects to see a steady increase in revenue and profit margins over the next few years, with total revenue forecasted to reach 1,668 million by 2026 [8]. - The earnings per share (EPS) is anticipated to grow from 0.56 in 2023 to 1.15 by 2026 [8].