SOKAN(688157) 华创证券·2024-10-20 08:16Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][15]. Core Insights - The company reported a revenue of 527 million yuan for the first three quarters of 2024, representing a year-on-year increase of 26.91%. The net profit attributable to shareholders reached 71 million yuan, up 32.89% year-on-year. In Q3 alone, revenue was 203 million yuan, showing a year-on-year growth of 20.22% and a quarter-on-quarter increase of 8.17% [1]. - The automotive revenue showed significant growth, with Q3 automotive segment revenue reaching 33 million yuan, a year-on-year increase of 22.16% and a quarter-on-quarter increase of 28.24%. This growth is attributed to new models entering mass production and the launch of new products [2]. - The company has implemented an equity incentive plan and continuous dividends, reflecting strong confidence in future performance. The plan includes granting restricted stock to 68 key personnel at a price of 19.11 yuan, with growth targets set for the next three years [2]. - The company is increasing its R&D investment, with a research expense ratio of 13.94% in the first three quarters of 2024, indicating a commitment to expanding its product range and market applications [2]. - Revenue projections for 2024-2026 are 818 million yuan, 1.061 billion yuan, and 1.385 billion yuan, with year-on-year growth rates of 38.6%, 29.8%, and 30.5%, respectively. Net profit forecasts for the same period are 129 million yuan, 150 million yuan, and 207 million yuan, with growth rates of 59.0%, 16.2%, and 37.8% [2][3]. Financial Summary - Total revenue for 2023 is projected at 590 million yuan, with a year-on-year growth rate of 18.2%. The net profit for 2023 is estimated at 81 million yuan, reflecting a slight decline of 1.4% [3]. - The earnings per share (EPS) for 2023 is expected to be 0.73 yuan, with projected EPS for 2024, 2025, and 2026 at 1.15 yuan, 1.34 yuan, and 1.85 yuan, respectively [3]. - The price-to-earnings (P/E) ratio is projected to be 60 for 2023, decreasing to 38 for 2024, 33 for 2025, and 24 for 2026, indicating an improving valuation as earnings grow [3].