AIM(300446) China Post Securities·2024-10-28 07:45Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has achieved a revenue of 5.496 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 30%, with a net profit of 536 million yuan, up 121% year-on-year [3][4] - The rapid growth in the automotive parts business has significantly contributed to the company's performance, with an overall gross margin of 21.09%, an increase of 0.29 percentage points compared to the same period last year [4] - The company is actively expanding its presence in the new energy vehicle market, with revenue growth outpacing the industry average, benefiting from scale effects and improved net profit margins [4] - The company is positioned as a platform for asset injection from the Aerospace Seventh Academy, which is expected to enhance its capabilities in smart equipment and advanced manufacturing [6][7] Financial Summary - The company is projected to achieve net profits of 701 million yuan, 833 million yuan, and 1.037 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 65%, 19%, and 24% [7] - The current price-to-earnings (P/E) ratio is projected to be 21, 18, and 14 times for the years 2024, 2025, and 2026 [7] - Revenue is expected to grow from 5.860 billion yuan in 2023 to 9.357 billion yuan by 2026, with corresponding growth rates of 20.1%, 18.5%, 15.6%, and 16.5% [9][11]