Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a gradual ramp-up of its fundraising projects by the end of 2024, with a year-on-year increase in net profit attributable to shareholders of 40.85% for Q1-Q3 2024 [3] - The rapid development of new energy vehicles in China and the continuous rise of domestic brands indicate a broad market space for the automotive parts industry [4] - The company has successfully completed the infrastructure construction of its fundraising projects, which will alleviate capacity bottlenecks and enhance its presence in the new energy vehicle sector [5] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 235 million yuan (up 26.35%) and a net profit of 46.01 million yuan (up 40.85%), with a gross margin of 33.11% [3] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 69 million yuan, 90 million yuan, and 117 million yuan respectively, with corresponding EPS of 0.72 yuan, 0.93 yuan, and 1.21 yuan per share [3] - The projected P/E ratios for 2024-2026 are 24.2, 18.6, and 14.3 times respectively, indicating a favorable outlook for the company's growth driven by both new energy and traditional vehicle businesses [3] Industry Overview - In the first three quarters of 2024, China's automotive production and sales reached 21.47 million and 21.57 million units, respectively, with year-on-year growth of 1.9% and 2.4% [4] - New energy vehicle production and sales reached 8.32 million units, with a year-on-year growth of 31.7% and a market share of 38.6% [4] - The automotive parts industry in China is expected to reach a scale of 5.5 trillion yuan by 2026, reflecting significant growth potential [4]
易实精密：北交所信息更新：2024年底募投项目逐步放量，2024Q1-3归母净利润同比+40.85%