KSHG(605333) 天风证券·2024-10-30 05:12Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Insights - The company reported significant year-on-year growth in Q3 2024, with revenue reaching 5.532 billion yuan, up 133.71%, and a net profit of 438 million yuan, marking a substantial turnaround from losses [1]. - The gross margin for the first three quarters of 2024 improved to 17.33%, an increase of 5.55 percentage points year-on-year, while the net margin reached 7.93%, up 8.88 percentage points [1]. - The company is benefiting from strong sales from its core customer, with the sales of the Aito series reaching 109,000 units in Q3 2024, a year-on-year increase of 669.1% [3]. - The company is expanding its global footprint, having established a factory in Romania and is enhancing its overseas management and market development teams to optimize supply chain management [4]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 2.114 billion yuan, a year-on-year increase of 121.40%, and a net profit of 183 million yuan, a staggering increase of 901.75% [1]. - The company's operating expenses (excluding R&D) were reported at 4.57% of revenue, showing a decrease of 1.34 percentage points year-on-year [2]. - The financial forecast for 2024-2026 has been revised upwards, with net profit estimates now at 601.72 million yuan for 2024, 795.88 million yuan for 2025, and 1.022 billion yuan for 2026 [4][5]. Market Position and Strategy - The company is strategically positioned to capture opportunities in the international market, with plans to deploy high-standard automated production lines in its Romanian factory [4]. - The report highlights the potential for increased revenue from the newly launched model L60 by NIO, which is expected to achieve significant delivery targets in the coming months [3]. Valuation Metrics - The current market capitalization corresponds to a P/E ratio of 24 for 2024, 18 for 2025, and 14 for 2026, indicating a favorable valuation relative to expected earnings growth [4][5]. - The company's revenue is projected to grow significantly, with estimates of 7.915 billion yuan for 2024, 9.596 billion yuan for 2025, and 11.589 billion yuan for 2026, reflecting a robust growth trajectory [5][10].