光峰科技2024Q3业绩点评：车载带动收入增长加速

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that revenue growth is accelerating due to the automotive sector, with Q3 revenue reaching 640 million yuan, a year-on-year increase of 10.5%, and a net profit attributable to the parent company of 30 million yuan, up 40.3% year-on-year [1] - The company is expected to establish a performance inflection point as it intensifies deliveries in the automotive sector, expands product types, and gradually contributes to profitability [1] Revenue Analysis - Q3 revenue from the automotive sector was 220 million yuan, accounting for over 30% of total revenue, with a year-on-year increase and a quarter-on-quarter growth of 12% [1] - The company has secured 8 automotive contracts, indicating steady growth in this segment [1] - Revenue from the B2B segment is estimated at around 300 million yuan for Q3, while the C2C segment is expected to generate approximately 100 million yuan, reflecting ongoing adjustments [1] Profit Analysis - The gross margin for Q3 was 30.4%, a decrease of 8.5 percentage points year-on-year, primarily due to the increased proportion of automotive revenue and adjustments in the C2C segment [1] - The net profit margin for Q3 was 5.0%, down 4.3 percentage points year-on-year, with various expenses showing mixed trends [1] Earnings Forecast - The company is projected to achieve revenues of 2.37 billion, 2.91 billion, and 3.61 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7%, 23%, and 24% [2][5] - The net profit attributable to the parent company is expected to be 80 million, 190 million, and 276 million yuan for the same years, with corresponding year-on-year growth rates of -19%, +125%, and +46% [2][5] Financial Ratios - The report provides key financial ratios, including a projected P/E ratio of 90, 40, and 27 for the years 2024, 2025, and 2026, respectively [2][5] - The gross margin is expected to stabilize around 30.9% in 2024, with improvements anticipated in subsequent years [5]