ECT(SZ:300679) Guolian Securities·2024-10-27 08:13Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company achieved a record high revenue of 11.9 billion yuan in Q3 2024, representing a year-on-year increase of 41% and a quarter-on-quarter increase of 8% [2][6]. - The net profit attributable to shareholders reached 1.5 billion yuan in Q3 2024, up 24% year-on-year and 4% quarter-on-quarter [2][6]. - The automotive and consumer electronics sectors are entering a peak season in Q4, with new models and products from major clients expected to drive further growth [2][6]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a total revenue of 33.3 billion yuan, a 51% increase year-on-year, and a net profit of 4.6 billion yuan, an 85% increase year-on-year [6]. - The Q3 revenue of 11.9 billion yuan marks the highest quarterly revenue ever, driven by strong performance in automotive and consumer electronics [6]. - Major automotive clients such as Hongmeng Zhixing, Chery, Geely, and BYD saw significant sales increases, contributing to the company's growth [6]. Business Segments - The automotive electronics segment continues to grow, with Q3 revenue reaching a new high [6]. - The consumer electronics segment is also expected to benefit from the upcoming peak season, with key clients like Huawei and Xiaomi showing positive trends in smartphone shipments [6]. Future Outlook - The company forecasts revenues of 43.3 billion yuan, 55.5 billion yuan, and 67.9 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 38%, 28%, and 22% [6]. - Net profits are projected to be 6.4 billion yuan, 8.6 billion yuan, and 11.0 billion yuan for the same years, with growth rates of 80%, 34%, and 28% [6].