NJEC(600699) 华安证券·2024-10-30 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady performance in Q3 2024, with new order sizes continuously breaking through. Despite a 4.8% year-on-year decline in global light vehicle production, the company achieved revenue of 14.056 billion yuan in Q3 2024, with automotive safety business revenue at 4.4 billion yuan and automotive electronics revenue at 9.6 billion yuan. The total amount of new orders received in 2024 reached approximately 70.4 billion yuan, with 37.6 billion yuan related to new energy vehicles [1][3] - The gross profit margin for Q3 2024 was 15.74%, an increase of 0.81 percentage points year-on-year and 0.24 percentage points quarter-on-quarter. The overall gross profit margin for the first three quarters of 2024 increased by 1.6 percentage points year-on-year to approximately 15.6% [1] - The company is actively pursuing cost reduction and efficiency improvement measures, resulting in a decrease in expense ratios. The automotive safety business continues to grow, with a gross margin of approximately 14.0%, up 2.6 percentage points year-on-year. The company has signed a global strategic cooperation agreement with GAC Aion, supporting the expansion of Chinese automotive brands into international markets [1][3] Financial Summary - For 2024, the company expects revenue of 56.848 billion yuan, with a year-on-year growth of 2.0%. The net profit attributable to the parent company is projected to be 1.328 billion yuan, reflecting a year-on-year increase of 22.6% [5][8] - The gross margin is expected to improve from 15.1% in 2023 to 15.8% in 2024, and the return on equity (ROE) is projected to rise from 8.0% in 2023 to 9.1% in 2024 [5][8] - The company’s cash flow from operating activities is expected to increase from 3.929 billion yuan in 2023 to 4.543 billion yuan in 2024 [6]