Xingyu Co.,Ltd(601799) Soochow Securities·2024-10-27 08:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with a revenue of 3.509 billion yuan, a year-on-year increase of 24.77%, and a quarter-on-quarter increase of 6.19%. The net profit for Q3 2024 was 383 million yuan, reflecting a year-on-year growth of 21.60% and a quarter-on-quarter growth of 8.96% [2][3] - The company is expected to benefit from product upgrades and customer expansion, particularly in the LED headlight segment, which is transitioning to ADB and DLP technologies. The company has already achieved mass production for ADB headlights and secured projects for DLP headlights [2][3] - The company is actively expanding its customer base, focusing on luxury brands and new energy vehicle manufacturers, which are anticipated to contribute significantly to future growth [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 9.225 billion yuan, a year-on-year increase of 27.48%, and a net profit of 977 million yuan, a year-on-year increase of 25.02% [2] - The projected revenue for 2024 is 13.262 billion yuan, with a year-on-year growth rate of 29.41%. The net profit for 2024 is projected to be 1.442 billion yuan, reflecting a year-on-year growth of 30.82% [3] - The earnings per share (EPS) for 2024 is estimated at 5.05 yuan, with a price-to-earnings (P/E) ratio of 29.38 [3] Market Data - The closing price of the company's stock is 148.25 yuan, with a market capitalization of approximately 42.35 billion yuan [5] - The company has a price-to-book (P/B) ratio of 4.36 and a total asset-liability ratio of 39.32% [6]