Yonggui(SZ:300351) KAIYUAN SECURITIES·2024-10-29 13:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the new energy sector is steadily improving, and there is optimism regarding the long-term development of the rail transit segment [1] - The company reported a revenue of 1.371 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 35.56%, with a net profit of 101 million yuan, up 11.80% year-on-year [3] - The company is expected to face some pricing pressure in the new energy sector, leading to a downward adjustment in profit forecasts for 2024, 2025, and 2026 [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 520 million yuan, a year-on-year increase of 56.58% and a quarter-on-quarter increase of 15.62% [3] - The net profit for Q3 2024 was 28 million yuan, reflecting a year-on-year increase of 32.44% [3] - The company’s revenue is projected to reach 1.740 billion yuan in 2024, with a year-on-year growth of 14.6% [6] Business Segments - The new energy vehicle market is rapidly growing, contributing significantly to the company's revenue, with production and sales of new energy vehicles in China increasing by 31.7% and 32.5% respectively from January to September 2024 [4] - The rail transit segment is expected to maintain growth potential due to increasing maintenance demands as vehicles age [4] - The company is focusing on technological innovation in both the new energy and rail transit sectors, enhancing its competitive edge [5] Financial Projections - The projected net profit for 2024, 2025, and 2026 is 127 million yuan, 158 million yuan, and 210 million yuan respectively [6] - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 55.0, 44.2, and 33.2 times respectively [3][6] - The gross margin is expected to decline from 30.8% in 2022 to 25.1% by 2026 [6]