标榜股份：三季度营收承压，盈利能力环比修复

Investment Rating - The report maintains a "Buy-A" rating for the company [2][4]. Core Views - The company reported a revenue of 359 million yuan for Q3 2024, a year-on-year decrease of 12.64%, and a net profit attributable to shareholders of 89 million yuan, down 20.54% year-on-year [1]. - Q3 2024 revenue was 111 million yuan, reflecting a 24.70% decline year-on-year and a 9.79% decline quarter-on-quarter, primarily due to decreased sales from key customer FAW-Volkswagen and underperformance from new energy clients [1]. - The comprehensive gross margin for Q3 2024 was 33.56%, down 4.26 percentage points year-on-year but up 2.49 percentage points quarter-on-quarter [1]. - The report highlights multiple factors driving future growth, including the expanding industry space for nylon pipelines, new customer acquisitions in the new energy sector, and increased overseas business [2]. Financial Summary - The company is projected to achieve net profits of 120 million yuan, 130 million yuan, and 150 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 23.0, 20.0, and 17.8 [2][4]. - The target price for the stock is set at 25 yuan per share, based on a 25x PE for 2024 [2][4]. - The company’s total market capitalization is approximately 2.68 billion yuan, with a circulating market capitalization of about 894.66 million yuan [4]. Performance Metrics - The company’s revenue for 2022 was 570 million yuan, with a net profit of 120 million yuan and an EPS of 1.04 yuan [3]. - The projected revenue for 2024 is 510 million yuan, with a net profit of 120 million yuan and an EPS of 1.00 yuan [4][5]. - The company’s net profit margin is expected to be around 22.7% in 2024, with a return on equity (ROE) of 7.9% [4][5]. Market Context - The report emphasizes the advantages of nylon pipelines in the new energy vehicle sector, including lightweight, ease of processing, and installation, which are expected to drive broader application in thermal management systems [2]. - The company has successfully expanded its customer base to include major players in the new energy sector, enhancing its growth prospects [2].