Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company achieved a revenue of 188 million yuan in the first three quarters of 2024, representing an 8.11% year-on-year increase, and a net profit attributable to shareholders of 30.6 million yuan, up 7.20% year-on-year. The gross margin was 30.50%, an increase of 0.55 percentage points year-on-year, while the net margin stood at 16.35%. The performance in Q3 2024 was slightly below expectations, leading to a downward revision of profit forecasts for 2024-2026 [4][5] - The company is expanding into emerging fields such as flying cars and robotics, with ongoing projects in these areas. The flying car project with XPeng is in the small-batch trial production stage, while the industrial robotics segment is focused on collaborative robots that enhance manufacturing efficiency [5][6] - The household appliance business has maintained high growth over the past two years, with a strong focus on the European and American markets, which are expected to see good growth in the small appliance sector in the coming years [5] Financial Summary - For 2024, the company is projected to achieve revenues of 273 million yuan, with net profits of 45 million yuan, and an EPS of 0.56 yuan. The P/E ratios for 2024, 2025, and 2026 are estimated at 52.2, 42.7, and 34.8 respectively [4][6] - The company’s revenue and net profit are expected to grow at a compound annual growth rate (CAGR) of 19.5% and 16.3% respectively from 2024 to 2026 [6][8] - The gross margin is projected to remain stable around 31.2% to 31.4% over the next few years, while the net margin is expected to slightly decline from 16.6% in 2024 to 16.8% in 2026 [6][8]
威贸电子：北交所信息更新：拓展飞行汽车、机器人新兴领域，2024前三季度营收+8%