Sunlord(002138) ZHONGTAI SECURITIES·2024-10-29 12:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved record high revenue in Q3 2024, driven by the rapid growth of various product lines and the expansion into new business areas [1] - The automotive electronics sector is experiencing significant growth due to the introduction of new products and the increasing demand for electric and intelligent vehicles [1] - Emerging markets such as data centers and photovoltaic energy storage are also contributing to the company's growth, with new products being rapidly developed and introduced [1] Financial Summary - Revenue (in million CNY): - 2022A: 4,238 - 2023A: 5,040 - 2024E: 6,194 - 2025E: 7,613 - 2026E: 9,355 - Year-over-year growth rate: - 2023A: 19% - 2024E: 23% - 2025E: 23% - 2026E: 23% [1] - Net profit (in million CNY): - 2022A: 433 - 2023A: 641 - 2024E: 873 - 2025E: 1,117 - 2026E: 1,400 - Year-over-year growth rate: - 2023A: 48% - 2024E: 36% - 2025E: 28% - 2026E: 25% [1] Business Development - The company is expanding its product lines in AI, automotive electronics, and photovoltaic energy storage, positioning itself to benefit from the increasing demand for smaller electronic components and advanced technologies [1] - The automotive electronics business has achieved comprehensive coverage of top global automotive and electric vehicle clients, with applications across various systems [1] - The photovoltaic energy storage market is expected to continue growing, with the company focusing on expanding its application range and accelerating product iterations [1]