TC(SH:603085) Huaan Securities·2024-10-30 07:31Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 performance exceeded expectations, with a revenue increase of 53% year-on-year to 1.457 billion yuan and a net profit attributable to shareholders rising by 51% year-on-year to 0.26 billion yuan [1] - The company is expected to see further improvements in profitability as new projects in the passenger vehicle seat business ramp up, leading to higher capacity utilization [1] - The eVTOL sector is highlighted as a potential growth area, with the development and mass production of components and materials being crucial for future performance [1] Financial Performance Summary - Revenue for the first three quarters of 2024 is projected to be 1.427 billion yuan, with a year-on-year growth of 55.2% expected in 2024 [1][4] - The net profit attributable to the parent company is forecasted to reach 54 million yuan in 2024, reflecting a significant increase of 277.9% compared to 2023 [1][5] - The gross profit margin is expected to stabilize around 20.1% in 2024, slightly decreasing from 20.7% in 2023 [5] Cash Flow and Balance Sheet Summary - Operating cash flow is projected to improve significantly from 50 million yuan in 2023 to 318 million yuan in 2024 [3] - Total assets are expected to grow from 2.606 billion yuan in 2023 to 3.251 billion yuan in 2024, indicating a strong upward trend [4] - The company's total liabilities are forecasted to increase from 1.724 billion yuan in 2023 to 2.340 billion yuan in 2024, reflecting ongoing investments and growth strategies [4] Profitability Ratios - The net profit margin is expected to improve, with a forecasted net profit margin of 2.4% in 2024 [5] - Return on equity (ROE) is projected to rise to 5.9% in 2024, up from 1.6% in 2023, indicating enhanced profitability [5] - Earnings per share (EPS) is anticipated to increase from 0.04 yuan in 2023 to 0.13 yuan in 2024 [5]