Recodeal(688800) 国盛证券·2024-10-25 12:14Investment Rating - Buy (Maintained) [4] Core Views - The company's Q3 2024 revenue reached 630 million yuan, a year-on-year increase of 61% and a quarter-on-quarter increase of 27% [1] - Net profit attributable to the parent company in Q3 2024 was 40 million yuan, a year-on-year increase of 41% and a quarter-on-quarter increase of 76% [1] - The company's performance is in line with expectations, driven by the recovery of downstream demand, particularly in the new energy vehicle sector [1] - The company benefits from domestic substitution, with strong technical reserves, excellent product performance, and fast customer response times [1] - The company is expanding its product matrix, focusing on connectors for communication, new energy vehicles, rail transit, and medical devices, with several projects already secured [2] Financial Performance - Revenue for the first three quarters of 2024 was 1.6 billion yuan, a year-on-year increase of 53% [1] - Net profit attributable to the parent company for the first three quarters of 2024 was 110 million yuan, a year-on-year increase of 11% [1] - Gross profit margin for Q3 2024 was 20.8%, a quarter-on-quarter decrease of 1 percentage point, while net profit margin was 6.4%, a quarter-on-quarter increase of 1.7 percentage points [1] - The company's sales, management, R&D, and financial expense ratios for Q3 2024 were 1.7%, 4.1%, 6.3%, and 0.3%, respectively, showing a quarter-on-quarter decrease [1] Product and Market Strategy - The company's high-voltage, battery-swapping, vehicle-mounted intelligent networking, and 5G board-to-board RF connectors are at internationally or domestically leading levels [2] - The company is actively participating in R&D for AI and data centers, autonomous driving, humanoid robots, 6G communication, low-altitude aircraft, liquid cooling systems, and commercial satellites [2] - The company has established strong partnerships with major clients such as North American T customers, Daimler, Changan, NIO, CATL, and others [1] Valuation and Forecast - The company's net profit for 2024-2026 is forecasted to be 160 million, 240 million, and 320 million yuan, respectively, with corresponding P/E ratios of 42x, 29x, and 22x [2] - Revenue growth for 2024-2026 is expected to be 50.7%, 25.6%, and 23.1%, respectively [3] - Net profit growth for 2024-2026 is expected to be 19.5%, 44.3%, and 33.8%, respectively [3]