KEBODA(603786) Guohai Securities·2024-10-29 12:51Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company achieved significant growth in Q3 2024, with a year-on-year increase in net profit of 30.8% and a quarter-on-quarter increase of 54.1% [3][4]. - The company's revenue for the first three quarters of 2024 reached 4.273 billion yuan, representing a year-on-year growth of 33.8% [3]. - The report highlights the successful introduction of new products and the expansion of new customer bases, which are expected to drive future growth [4]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 1.53 billion yuan, up 24.1% year-on-year, and a net profit of 235 million yuan, up 30.8% year-on-year [3]. - The gross margin for Q3 2024 was 29.65%, showing a year-on-year decrease of 0.91 percentage points but an increase of 3.54 percentage points quarter-on-quarter [4]. - The net profit margin for Q3 2024 was 15.88%, with a year-on-year increase of 0.33 percentage points and a quarter-on-quarter increase of 3.52 percentage points [4]. Growth Drivers - The company is focusing on new product development and market expansion, particularly in the automotive electronics sector, collaborating with new domestic car manufacturers [4]. - Key new products include body domain controllers, chassis domain controllers, Efuse, and intelligent thermal management actuators [4]. - The company has made significant inroads into international markets, successfully integrating new products into the supply chains of major automotive brands such as Volkswagen, BMW, Porsche, and Audi [4]. Future Projections - The company is projected to achieve total revenue of 6.035 billion yuan in 2024, with a year-on-year growth rate of 30% [7]. - Expected net profit for 2024 is 858 million yuan, reflecting a year-on-year growth rate of 41% [7]. - The report forecasts earnings per share (EPS) of 2.12 yuan for 2024, with continued growth expected in subsequent years [7].