NJEC(600699) 东吴证券·2024-10-31 00:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its Q3 2024 results, which were generally in line with expectations, achieving a revenue of 14.1 billion yuan, with a year-on-year growth of 10% in net profit excluding non-recurring items [2][3] - The company's revenue growth significantly outperformed the global market, with a total of 70.4 billion yuan in new orders for the first three quarters of 2024, a year-on-year increase of 19.32%, with over 50% of these orders coming from new energy vehicles [3] Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 15.74%, an increase of 0.81 percentage points year-on-year [4] - The net profit margin for Q3 2024 was 2.2%, with a year-on-year increase of 0.05 percentage points [4] - The company adjusted its revenue forecast for 2024 to 56.8 billion yuan, with a year-on-year growth of 2% [5] Business Segment Performance - In Q3 2024, the automotive safety segment generated 9.6 billion yuan in revenue, while the automotive electronics segment generated 4.4 billion yuan, showing a year-on-year growth of 7.1% [3] - The automotive safety business's gross margin improved by 2.6 percentage points year-on-year, while the automotive electronics segment's gross margin remained relatively stable [4] Market Position and Strategy - The company is actively expanding its presence in the intelligent vehicle sector, continuing its strategic cooperation with major players like Huawei and GAC Aion [3] - The company has a strong order backlog, which is expected to support future revenue growth despite a challenging global automotive market [3]