KEBODA(603786) Donghai Securities·2024-10-31 02:40Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has a solid market position in lighting control, with ample orders on hand. The new high-value products such as domain controllers, chassis controllers, and Efuse are expanding successfully. The profit forecast for the company is maintained, with expected net profits of 844 million, 1.076 billion, and 1.346 billion yuan for 2024-2026, corresponding to EPS of 2.09, 2.66, and 3.33 yuan, with PE ratios of 28X, 22X, and 18X respectively [5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.53 billion yuan, a year-on-year increase of 24%, and a net profit attributable to shareholders of 235 million yuan, up 31% year-on-year. For the first three quarters of 2024, revenue reached 4.27 billion yuan, a 34% increase year-on-year, with a net profit of 607 million yuan, up 33% year-on-year [7] - The revenue breakdown for Q3 2024 shows the lighting control system, motor control system, energy management system, and vehicle electrical and electronic business generating revenues of 757 million, 233 million, 250 million, and 214 million yuan respectively, with year-on-year growth rates of 19%, 17%, 94%, and 0% [7] Margin and Cost Management - The gross margin for Q3 2024 was 29.65%, a decrease of 0.91 percentage points year-on-year but an increase of 3.54 percentage points quarter-on-quarter. The expense ratio was 12.34%, down 3.72 percentage points year-on-year and 2.45 percentage points quarter-on-quarter [8] Product Development and Market Expansion - The company is deepening its focus on automotive intelligence, continuously expanding its product line with new offerings such as body domain controllers, chassis domain controllers, and various high-value products. The chassis controller products have gained traction with major clients including Volkswagen and Geely [8][9] - The company is committed to its international development strategy, enhancing its global presence with new product launches and local production facilities in Japan, Europe, and North America [9] Future Projections - The company forecasts a steady increase in revenue and net profit over the next few years, with expected revenues of 6.11 billion, 7.61 billion, and 9.35 billion yuan for 2024-2026, and net profits of 844 million, 1.076 billion, and 1.346 billion yuan respectively [11]