Sunlord(SZ:002138) Shanxi Securities·2024-10-29 07:42Investment Rating - The report maintains a "Buy-A" rating for the company [1][4]. Core Insights - The company achieved record high revenue and profit in Q3 2024, with a revenue of 15.04 billion yuan, up 11.86% year-on-year and 4.99% quarter-on-quarter [2][3]. - The net profit attributable to shareholders reached 2.56 billion yuan in Q3 2024, reflecting a year-on-year increase of 15.57% and a quarter-on-quarter increase of 29.43% [2][3]. - The company is experiencing significant growth in automotive electronics and energy storage, with revenues in these segments increasing by 90.7% year-on-year [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 41.95 billion yuan, a 14.13% increase year-on-year, and a net profit of 6.24 billion yuan, up 30.71% year-on-year [1][2]. - The gross profit margin has been steadily improving, with a projected gross margin of 35.4% for 2024 [4][6]. - The company’s operating cash flow improved significantly, reaching 4.58 billion yuan in Q3 2024, compared to 2.94 billion yuan in Q3 2023 [3][6]. Earnings Forecast - The company is expected to achieve net profits of 8.87 billion yuan, 11.20 billion yuan, and 14.14 billion yuan for the years 2024, 2025, and 2026 respectively [4][6]. - Earnings per share (EPS) are projected to be 1.10 yuan, 1.39 yuan, and 1.75 yuan for the same years [4][6]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 25.8 for 2024, decreasing to 16.2 by 2026 [4][6]. - The price-to-book (P/B) ratio is expected to decline from 3.5 in 2024 to 2.6 in 2026 [4][6].