西典新能：2024年三季报点评：Q3盈利有所修复，储能业务可期

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 earnings show recovery, with a promising outlook for the energy storage business [1] - The company has established a deep partnership with Tesla, which is expected to drive growth as Tesla's energy storage capacity expands [3] - The company is positioned as a leading domestic player in battery connection systems, benefiting from unique technology and competitive advantages [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 1.41 billion yuan, a year-on-year increase of 4.4%, and a net profit attributable to shareholders of 150 million yuan, up 3.2% year-on-year [1] - In Q3 2024, the company reported revenue of 580 million yuan, a 15.1% increase year-on-year, while the net profit attributable to shareholders was 60 million yuan, a slight decrease of 0.3% year-on-year [1] - The gross margin and net margin for the first three quarters of 2024 were 17.7% and 10.5%, respectively, showing a slight year-on-year decline [2] Cost Management and R&D - The company effectively managed its expenses, with sales, management, and financial expense ratios for the first three quarters of 2024 at 0.5%, 1.6%, and -0.7%, respectively [2] - R&D expense ratio increased to 3% year-on-year, indicating a commitment to enhancing technological capabilities [2] Future Earnings Forecast - Revenue projections for 2024-2026 are 2.25 billion yuan, 3.13 billion yuan, and 3.95 billion yuan, respectively, with expected net profit growth rates of 19.3%, 45.1%, and 25.6% [4] - The company is expected to benefit from the increasing demand for energy storage solutions, particularly through its partnership with Tesla [3][4]