RAYHOO MOTOR DIES(002997) 东吴证券·2024-10-20 08:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 performance met expectations, with total revenue for the first three quarters reaching 1.726 billion yuan, a year-on-year increase of 32.99%, and net profit attributable to shareholders of 253 million yuan, up 63.66% year-on-year [2] - In Q3 2024, the company achieved a single-quarter revenue of 605 million yuan, a year-on-year growth of 37.97%, with a slight quarter-on-quarter decrease of 1.68%. The net profit for the quarter was 91 million yuan, reflecting a year-on-year increase of 41.61% and a quarter-on-quarter growth of 5.74% [2] - The automotive manufacturing equipment business is steadily developing, while the automotive parts business is rapidly expanding, with significant growth in new orders and production capacity [3] Summary by Sections Financial Performance - The company forecasts total revenue for 2024 to be 2.622 billion yuan, with a year-on-year growth of 39.66%. The net profit attributable to shareholders is projected to be 354 million yuan, representing a 74.96% increase year-on-year [1][3] - The earnings per share (EPS) for 2024 is estimated at 1.69 yuan, with a price-to-earnings (P/E) ratio of 18.81 [1][3] Business Development - The automotive manufacturing equipment business includes stamping molds, automated welding production lines, and AGV mobile robots, with a backlog of orders amounting to 3.93 billion yuan as of June 2024, a 14.95% increase from the previous year [3] - The automotive parts business, which began in 2022, has seen a gradual increase in production capacity and is contributing significantly to the company's growth [3] Investment Outlook - The report adjusts the net profit forecasts for 2024-2026 to 354 million yuan, 432 million yuan, and 535 million yuan respectively, with corresponding EPS of 1.69 yuan, 2.06 yuan, and 2.55 yuan [3]