IKD(600933) GOLDEN SUN SECURITIES·2024-10-31 00:10Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company achieved impressive performance in Q3 2024, with revenue of 4.974 billion yuan, a year-on-year increase of 17.46%, and a net profit attributable to shareholders of 740 million yuan, up 24.13% year-on-year [1]. - The company outperformed the industry, benefiting from the recovery in domestic vehicle sales and the resumption of revenue recognition from shipping in Q2 [1][2]. - The sixth phase of the stock incentive plan was announced, involving 857 individuals and granting 8.032 million stock options, accounting for 0.82% of the total share capital [2]. Financial Performance - In Q3 2024, the company reported a single-quarter revenue of 1.72 billion yuan, with year-on-year and quarter-on-quarter growth of 8.4% and 7.3%, respectively, and a net profit of 290 million yuan, reflecting a year-on-year increase of 44.7% and a quarter-on-quarter increase of 34% [1]. - The gross margin for Q3 2024 was 29.7%, with a year-on-year increase of 0.96 percentage points and a quarter-on-quarter increase of 2.09 percentage points, primarily driven by revenue growth and scale effects [2]. - The total expense ratio decreased to 11.6%, down 0.67 percentage points year-on-year and 1.37 percentage points quarter-on-quarter [2]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 1.1 billion, 1.39 billion, and 1.73 billion yuan, respectively, corresponding to P/E ratios of 13, 10, and 8 times [3]. - The company is expected to exceed revenue assessment targets due to clear capacity expansion plans and ongoing production ramp-up [2].