顺络电子：经营情况持续向上，汽车业务增速亮眼

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE valuation of 26, 20, and 16 times for the years 2024, 2025, and 2026 respectively [1][3]. Core Insights - The company reported a revenue of 4.195 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 14.13%. The net profit attributable to shareholders reached 624 million RMB, up 30.71% year-on-year. In Q3 2024, revenue hit a record high of 1.504 billion RMB, marking an 11.86% increase year-on-year and a 4.99% increase quarter-on-quarter [1]. - The automotive business is experiencing rapid growth, with a year-on-year increase of 90.47% in revenue, significantly contributing to the overall performance. The gross margin for Q3 2024 was 37.93%, reflecting a continuous improvement in profitability [1][3]. - The company is diversifying its business lines, with promising growth in automotive, cloud computing, and consumer electronics sectors. The introduction of new products is expected to drive further revenue growth [1][3]. Summary by Sections Performance Overview - For the first three quarters of 2024, the company achieved a revenue of 4.195 billion RMB, a 14.13% increase year-on-year, and a net profit of 624 million RMB, up 30.71% year-on-year. Q3 2024 revenue reached 1.504 billion RMB, a record high [1][3]. - The Q3 gross margin was 37.93%, with a quarter-on-quarter increase of 0.95 percentage points and a year-on-year increase of 1.66 percentage points [1]. Business Analysis - The automotive segment showed a revenue growth of 90.47% year-on-year, driven by increased demand from major domestic clients. The revenue share from automotive products has significantly increased [1]. - The company is focusing on high-reliability electronic transformers and other automotive components, with a strong order backlog and increasing penetration among key clients [1][3]. Profit Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 868 million RMB, 1.142 billion RMB, and 1.434 billion RMB, respectively, with year-on-year growth rates of 35.56%, 31.52%, and 25.61% [1][3].