美力科技：盈利水平持续高增速，积极拓宽下游新领域

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown a significant recovery in profitability, with a projected net profit of 107.88 million yuan in 2024, representing a growth rate of 165.08% [4] - The company is a leading supplier of high-end springs in China, benefiting from the booming demand in the new energy vehicle sector and actively expanding into new application areas [3][4] - The company has maintained a high growth rate in revenue and profitability, with a year-on-year revenue increase of 21.16% and a net profit increase of 154.61% in the first three quarters of 2024 [2][3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.125 billion yuan, a year-on-year increase of 21.16%, and a net profit of 77.57 million yuan, up 154.61% year-on-year [2] - In Q3 2024, the company reported a revenue of 407 million yuan, a year-on-year increase of 12.12%, and a net profit of 30.82 million yuan, up 168.80% year-on-year [2] - The gross profit margin for Q3 2024 was 24.61%, an increase of 6.12 percentage points year-on-year [2] Business Development - The company has acquired Beijing Dayuan and Jiangsu Dayuan, integrating their technologies to become the only domestic company with stable rod solid/hollow/cold-formed/hot-formed technologies [3] - The company invested 20 million yuan to acquire a 16.67% stake in Wuhan Puchang Intelligent, which focuses on the development of integrated air supply units for automotive air suspension systems [3] - The company is adapting to the trend of lightweight and large-diameter components in the new energy vehicle market, having introduced advanced equipment to enhance its production capabilities [3] Future Outlook - The company is expected to achieve net profits of 108 million yuan, 180 million yuan, and 253 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 20.5, 12.3, and 8.7 [3][4] - The company is focusing on technology research and development, with R&D expenses amounting to 51.83 million yuan in the first three quarters of 2024, a year-on-year increase of 42.09% [3]