新澳股份：2024Q3收入同比增长11%，期待后续业绩稳健释放

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown a revenue growth of 10% year-on-year for the first three quarters of 2024, with a net profit increase of 5% [1]. - The third quarter of 2024 saw an 11% increase in revenue and an 8% rise in net profit compared to the same period last year [1]. - The company is expected to achieve stable growth in 2024, with projected revenue growth of around 10% and single-digit growth in net profit [2]. Financial Performance Summary - For Q1 to Q3 2024, the company reported revenues of 3.87 billion yuan and a net profit of 370 million yuan [1]. - The gross profit margin for Q1 to Q3 2024 remained stable at 19.4%, while the net profit margin decreased by 0.5 percentage points to 10.1% [1]. - In Q3 2024, the company generated revenues of 1.32 billion yuan, with a net profit of 100 million yuan, reflecting an 11% and 8% year-on-year increase, respectively [1]. Production Capacity and Expansion - The company is progressing well with its capacity expansion plans, with an estimated production capacity of approximately 130,000 spindles by the end of 2023 [2]. - The company has ongoing projects in Vietnam and Ningxia, which are expected to contribute to production capacity in 2024 and 2025 [2]. Inventory and Cash Flow - As of Q3 2024, the company's inventory increased by 0.6% year-on-year to 1.8 billion yuan, with inventory turnover days improving by 10.5 days to 158.1 days [2]. - The operating cash flow for the first three quarters of 2024 was 270 million yuan, approximately 0.7 times the net profit for the same period [2]. Earnings Forecast - The company is projected to achieve net profits of 428 million yuan, 478 million yuan, and 536 million yuan for 2024, 2025, and 2026, respectively [3]. - The estimated P/E ratio for 2024 is 11.8 times, indicating a favorable valuation compared to historical performance [2].