Xingyu Co.,Ltd(601799)2024-10-28 00:41Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7]. Core Insights - The company reported a strong performance in Q3 2024, achieving a revenue of 9.225 billion yuan, a year-on-year increase of 27.5%, and a net profit of 977 million yuan, up 25% year-on-year [7]. - The growth in Q3 was driven by a sustained increase in orders from key clients, particularly Chery, which saw a 30% increase in sales [7]. - The company's gross margin for Q3 was 19.9%, with a net margin of 10.9%, showing a slight improvement in profitability [7]. - The customer base has diversified significantly over the years, including major global automotive brands, which strengthens the company's market position [7]. - The increase in shipments of headlamps, particularly high-value products like DLP laser headlights, has contributed to a rise in average selling prices (ASP) [7]. - Revenue forecasts for 2024-2026 have been slightly adjusted, with expected revenues of 13.21 billion, 16.44 billion, and 19.56 billion yuan respectively [7]. Financial Summary - For 2024, the company expects total revenue of 13.21 billion yuan, with a year-on-year growth rate of 28.9% [8]. - The projected net profit for 2024 is 1.416 billion yuan, reflecting a growth rate of 28.5% [8]. - The earnings per share (EPS) is forecasted to be 4.96 yuan for 2024, increasing to 6.36 yuan in 2025 and 7.77 yuan in 2026 [8]. - The company's return on equity (ROE) is expected to improve to 13.9% in 2024 and reach 17.0% by 2026 [8].