华阳集团：三季度业绩超预期，费用率优化明显

Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906) [4] Core Views - Huayang Group's Q3 2024 performance exceeded expectations, driven by strong growth in both automotive electronics and precision die-casting businesses [6] - The company's revenue for the first three quarters of 2024 reached 6.841 billion yuan, a year-on-year increase of 42.62%, while net profit attributable to the parent company grew by 56.20% to 465 million yuan [2][6] - The company's cost optimization efforts have been effective, with the Q3 expense ratio dropping by 1.89 percentage points year-on-year and 1.22 percentage points quarter-on-quarter [6] - Huayang Group is expected to enter a rapid growth phase due to its strong position in the automotive electronics and precision die-casting sectors, as well as its expanding product portfolio and customer base [2][6] Financial Performance - In Q3 2024, the company achieved revenue of 2.648 billion yuan, a year-on-year increase of 37.25%, and a quarter-on-quarter increase of 20.21% [6] - Net profit attributable to the parent company in Q3 2024 was 178 million yuan, up 53.54% year-on-year and 22.89% quarter-on-quarter [6] - The company's sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for Q3 2024 were 3.00%, 2.21%, 7.26%, and 0.18%, respectively, with a total expense ratio of 12.65% [6] Future Outlook - The company is expected to achieve revenue of 9.696 billion yuan, 12.054 billion yuan, and 14.705 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35.86%, 24.32%, and 21.99% [6] - Net profit attributable to the parent company is forecasted to be 659 million yuan, 913 million yuan, and 1.191 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 41.79%, 38.57%, and 30.37% [6] - The company's EPS is expected to be 1.26 yuan, 1.74 yuan, and 2.27 yuan per share for 2024, 2025, and 2026, respectively, with a 3-year CAGR of 36.82% [6] Industry and Market Position - Huayang Group operates in the automotive and automotive parts industry, with a strong focus on automotive electronics and precision die-casting [4] - The company has been expanding its product portfolio and customer base, which is expected to drive further growth in the coming years [2][6]