KEBODA(603786) Guoxin Securities·2024-10-30 01:43Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][20][23] Core Views - The company achieved a significant revenue growth of 33.8% year-on-year, reaching 4.273 billion yuan in the first three quarters of 2024, with a net profit of 607 million yuan, also up 33.2% year-on-year [1][5] - The company is focusing on high-value products and aims to become a platform enterprise for domain controllers, with expectations of increasing the single vehicle value to over 10,000 yuan [2][10] - The company has a robust order backlog, with 43 new projects secured in the first half of 2024, expected to yield a lifecycle sales volume of approximately 75 million units [2][17] Financial Performance - In Q3 2024, the company reported a revenue of 1.530 billion yuan, a year-on-year increase of 24.2% and a quarter-on-quarter increase of 15.5% [1][5] - The gross margin for Q3 2024 was 29.7%, with a net margin of 15.9%, reflecting a quarter-on-quarter improvement of 3.5 percentage points [2][11] - The company’s four expense ratios decreased to 12.4% in Q3 2024, down 3.8 percentage points year-on-year [2][13] Product and Customer Insights - The revenue breakdown for Q3 2024 shows that the lighting control system generated 760 million yuan, up 19% year-on-year, while the energy management system saw a remarkable growth of 94% year-on-year [1][9] - The company is expanding its customer base, with new energy vehicle manufacturers accounting for over 15% of sales in the first half of 2024, indicating a diversification away from traditional customers like Volkswagen [1][10][17] Future Outlook - The company projects revenues of 6.206 billion yuan, 7.707 billion yuan, and 9.302 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to reach 854 million yuan, 1.109 billion yuan, and 1.320 billion yuan in the same years [2][20] - The company is actively enhancing its global presence, with plans to establish production facilities in Europe and North America by the end of 2024 [18][19]