NJEC(600699) 开源证券·2024-10-29 03:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability continues to improve, demonstrating strong resilience despite a decline in global light vehicle production [4][5] - The company has a robust order acquisition capability, with a total new order value of approximately 70.4 billion yuan in the first three quarters of 2024, indicating a healthy backlog of orders [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 41.135 billion yuan, a year-on-year decrease of 0.42%, while net profit attributable to the parent company was 0.941 billion yuan, an increase of 20.90% year-on-year [4] - The company's non-recurring net profit attributable to the parent company was 0.941 billion yuan, reflecting a year-on-year increase of 40.25% [4] - In Q3 2024, the company reported operating revenue of 14.056 billion yuan, a year-on-year decrease of 1.68%, with a net profit of 0.305 billion yuan, a slight increase of 0.50% year-on-year [4] Business Segment Performance - The automotive safety and automotive electronics segments generated revenues of approximately 28.4 billion yuan and 12.7 billion yuan, respectively, with gross margins of 14.0% and 19.2% [5] - The overall gross margin and net margin for the company were 15.59% and 3.07%, respectively, both showing year-on-year increases [5] Future Earnings Forecast - The company maintains its earnings forecast for 2024-2026, expecting net profits attributable to the parent company to reach 1.455 billion yuan, 1.940 billion yuan, and 2.368 billion yuan, respectively, with corresponding EPS of 1.03 yuan, 1.38 yuan, and 1.68 yuan per share [4][5] - The price-to-earnings ratios corresponding to the current stock price are projected to be 16.3, 12.2, and 10.0 times for 2024, 2025, and 2026, respectively [4]