SACO(002025) 民生证券·2024-10-31 04:12Investment Rating - The report maintains a "Recommended" rating for the company, considering its traditional business advantages and accelerated layout in new business areas [1][3]. Core Views - The company reported a revenue of 3.995 billion yuan for the first three quarters of 2024, a year-over-year decrease of 23.2%, and a net profit attributable to shareholders of 412 million yuan, down 30.8% year-over-year. The performance was slightly below market expectations due to slower-than-expected recovery in industry demand [1]. - The gross margin improved significantly in the first three quarters of 2024, increasing by 9.1 percentage points to 44.4%, while the net profit margin decreased by 1.2 percentage points to 11.7% due to increased expense ratios [1]. - The company has increased its R&D investment and material reserves to address order growth, with a notable rise in the expense ratio by 9.4 percentage points to 27.3% in the first three quarters of 2024 [1]. - The acquisition of a 49% stake in Shenzhen Smart Micro Motor aims to enhance the company's development in the civilian motor sector and address the demands of foreign shareholders [1]. - The company is positioned as a core supplier of special connectors, expanding its main business while accelerating its layout in new industries such as commercial aerospace and data centers [1]. Financial Summary - For 2024, the company is expected to generate a revenue of 5.398 billion yuan, a decrease of 13.1% compared to 2023, with a projected net profit of 610 million yuan, down 18.7% [2][4]. - The earnings per share (EPS) for 2024 is estimated at 1.33 yuan, with a price-to-earnings (PE) ratio of 44 [2][5]. - The company’s total assets are projected to reach 11.268 billion yuan in 2024, with a debt-to-equity ratio of 30.62% [5].