Xingyu Co.,Ltd(601799) Guolian Securities·2024-10-27 08:13Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company's Q3 2024 performance met expectations, with a significant increase in revenue and net profit driven by strong sales from autonomous customers and the successful launch of high-value DLP headlights [2][6] - The company reported a revenue of 9.23 billion yuan for the first three quarters of 2024, a year-on-year increase of 27.5%, and a net profit attributable to shareholders of 980 million yuan, up 25.0% year-on-year [6] - In Q3 2024, the company achieved a revenue of 3.51 billion yuan, representing a year-on-year growth of 24.8% and a quarter-on-quarter increase of 6.2% [6] Financial Performance - The company’s gross margin in Q3 2024 was 19.9%, a decrease of 1.1 percentage points year-on-year, while the net profit margin was 10.9%, a decrease of 0.3 percentage points year-on-year but an increase of 0.3 percentage points quarter-on-quarter [6] - The company’s operating expenses ratio decreased to 8.1% in Q3 2024, down 1.2 percentage points year-on-year [6] - The company is expected to achieve revenues of 13.27 billion yuan, 16.44 billion yuan, and 19.82 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 29.5%, 23.9%, and 20.6% [6][7] Customer Performance - The sales performance of autonomous customers in Q3 2024 showed significant growth, with year-on-year increases of 27.5% for Chery, 1.5% for FAW Hongqi, 45.4% for Li Auto, 16.3% for Xpeng, 11.6% for NIO, and 51.5% for Zeekr [6] - The company’s core customers, including joint ventures like FAW-Volkswagen and FAW-Toyota, experienced declines in sales, with year-on-year decreases of 19.3% and 5.9% respectively [6] Future Outlook - The company is actively expanding new projects, having undertaken 38 new model R&D projects in H1 2024, with 22 projects entering mass production [6] - The continuous development of advanced technologies such as DMD and Micro LED is expected to support future revenue growth [6]