Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 25.30 CNY per share on October 29, 2024, corresponding to a PE ratio of 12/10/8 for the years 2024-2026 [3]. Core Insights - The company's Q3 2024 performance met expectations, with a revenue of 9.5 billion CNY, a year-on-year decrease of 5.7%, but a quarter-on-quarter increase of 26.9%. The net profit for the same quarter was 1.2 billion CNY, down 11.8% year-on-year but up 17.9% quarter-on-quarter [1]. - The company is a leading player in the automotive stamping parts sector, with significant market shares in various components for electric vehicles, and has established itself as a qualified supplier for major manufacturers like Tesla and Li Auto [1]. - The company is advancing its integrated die-casting business, with a new 9,200T die-casting unit set to be operational by the end of 2023, and plans for additional large-scale production lines in the future [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 24.9 billion CNY, down 9.4% year-on-year, and a net profit of 3.4 billion CNY, down 11.7% year-on-year. The Q3 2024 revenue was 9.5 billion CNY, with a gross margin of 21.6% [1][2]. - The projected revenues for 2024-2026 are 39.5 billion CNY, 47.1 billion CNY, and 55.5 billion CNY, respectively, with net profits expected to be 5.0 billion CNY, 6.1 billion CNY, and 7.3 billion CNY [1][4]. Market Position - The company holds a nearly 4% market share in front longitudinal beams for passenger cars and approximately 12% in the new energy market for C-pillar inner assembly [1]. - The company has successfully penetrated the new energy vehicle market, becoming a key supplier for several leading manufacturers [1]. Future Growth Potential - The integrated die-casting projects are expected to significantly enhance operational efficiency and reduce costs, with a projected sales amount of 21-23 billion CNY over the lifecycle of a new project starting in 2025 [1]. - The company is well-positioned to increase its market share due to its competitive pricing and rapid response capabilities, particularly in the growing new energy vehicle sector [1].
多利科技：系列点评二：2024Q3业绩符合预期 一体化压铸蓄势待发