Wencan(603348) 民生证券·2024-10-29 10:31Investment Rating - The report maintains a "Recommend" rating for the company [1][3] Core Views - The company's revenue for the first three quarters of 2024 reached 4.7 billion yuan, a year-on-year increase of 23.1%, with a gross margin of 15.0%, up 0.3 percentage points year-on-year [1] - Net profit attributable to the parent company was 100 million yuan, a year-on-year increase of 95.5% [1] - In Q3 2024, the company achieved revenue of 1.63 billion yuan, a year-on-year increase of 29.2%, but net profit attributable to the parent company was 20 million yuan, a year-on-year decrease of 58.3% [1] - The company's revenue growth in Q3 2024 was driven by the volume increase of body structural parts and integrated large castings, as well as the growth in sales of core customers [1] - The company has secured 14 large integrated structural parts projects from multiple automotive customers, further solidifying its leading position in the industry [1] - The company is a core supplier to Huawei's Seres, supplying aluminum alloy die-casting parts for the AITO M5/M7/M9 models, with significant order volumes expected to drive performance improvement [1] Financial Performance Summary - The company's revenue for 2024 is projected to be 6.41 billion yuan, with net profit attributable to the parent company expected to reach 195 million yuan [1][2] - Revenue growth rates for 2024-2026 are forecasted at 25.7%, 28.2%, and 21.8%, respectively [2] - Net profit growth rates for 2024-2026 are projected at 286.7%, 109.0%, and 48.8%, respectively [2] - EPS for 2024-2026 is expected to be 0.63 yuan, 1.32 yuan, and 1.97 yuan, respectively [1][2] - The company's PE ratio for 2024 is 38x, with PB ratios of 1.7x, 1.6x, and 1.4x for 2024-2026 [1][2] Operational Highlights - The company's gross margin for 2024 is expected to be 15.24%, with net profit margin projected at 3.04% [2] - ROE for 2024-2026 is forecasted at 4.52%, 8.72%, and 11.62%, respectively [2] - The company's asset-liability ratio is expected to decrease from 58.33% in 2023 to 52.98% in 2024 [2] - Operating cash flow for 2024 is projected to be 772 million yuan, with capital expenditures expected to be 757 million yuan [2] Industry and Market Position - The company is a pioneer in integrated die-casting and has been actively collaborating with leading new energy vehicle manufacturers [1] - The company's acquisition of Bailian Group is accelerating its globalization efforts, with core customer projects expected to enter mass production starting in 2024 [1] - The company's leading position in the integrated die-casting industry is expected to be further strengthened by its technological capabilities and product quality [1]