JGBR(SZ:300421) CAITONG SECURITIES·2024-10-26 12:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's operating performance is under short-term pressure, but emerging businesses are progressing steadily [1] - The company achieved a revenue of 777.0 million yuan in the first three quarters of 2024, a year-on-year increase of 3.56%, while the net profit attributable to shareholders was 50.72 million yuan, a year-on-year decrease of 11.09% [3] - The 800V platform is becoming the mainstream solution for electric vehicles, presenting new opportunities for ceramic balls as a core material to replace traditional bearing steel [3] - The company has established two G3-level intelligent R&D production lines and 33 G5-level industrial production lines for ceramic rolling elements, with plans for 75 lines in total [3] Financial Performance - In Q3 2024, the company reported a revenue of 265.0 million yuan, a year-on-year increase of 4.95% but a quarter-on-quarter decrease of 2.39% [3] - The gross profit margin for Q3 2024 was 17.50%, down 2.41 percentage points year-on-year [3] - The company expects net profits of 84 million yuan, 125 million yuan, and 172 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 36.3, 24.4, and 17.8 [4] Emerging Business Development - The company is actively increasing its focus on high-end products such as ceramic rolling elements, with significant potential for domestic substitution [4] - A strategic cooperation agreement was signed with the Institute of Metal Research, Chinese Academy of Sciences, to promote the domestic production and high-precision processing of ceramic balls [3][4]