RAYHOO MOTOR DIES(002997) 国海证券·2024-10-21 04:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a year-on-year revenue growth of 37.97% in Q3 2024, reaching 605 million yuan, driven by increased sales from its core customer, Chery Automobile, which saw a 30.82% year-on-year increase in sales [3][4] - The company has a strong order backlog in its automotive manufacturing equipment business, with orders amounting to 3.93 billion yuan as of June 2024, indicating a robust revenue outlook [4] - The company is expanding its lightweight automotive parts business, with significant production and sales growth expected from new models launched in collaboration with Chery [4] Financial Performance Summary - In Q3 2024, the company achieved a net profit of 91 million yuan, a year-on-year increase of 41.61%, with a net profit margin of 17.21% [3][4] - The gross profit margin for Q3 2024 was 24.54%, showing a slight decline year-on-year due to increased depreciation and amortization costs from transitioning construction projects to fixed assets [4] - The company has demonstrated strong cost control, with a decrease in various expense ratios, particularly in financial expenses due to the redemption of convertible bonds earlier in the year [4] Earnings Forecast and Valuation - The company is projected to achieve revenues of 2.889 billion yuan, 3.625 billion yuan, and 4.296 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 54%, 25%, and 19% [6][7] - The expected net profits for the same years are 349 million yuan, 437 million yuan, and 556 million yuan, with growth rates of 73%, 25%, and 27% [6][7] - The estimated EPS for 2024, 2025, and 2026 are 1.67 yuan, 2.09 yuan, and 2.65 yuan, with corresponding P/E ratios of 19, 15, and 12 times [6][7]