KEBODA(603786)2024-10-31 07:10Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 4.273 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 33.8%, and a net profit attributable to shareholders of 607 million yuan, also up by 33.2% year-on-year [3] - In Q3 2024, the company achieved a record revenue of 1.530 billion yuan, with a quarter-on-quarter increase of 24.1% and a year-on-year increase of 15.5%, while the net profit attributable to shareholders was 235 million yuan, reflecting a quarter-on-quarter increase of 30.8% and a year-on-year increase of 54.1% [3] - The company experienced significant growth in overseas markets, with foreign revenue reaching 1.440 billion yuan, a year-on-year increase of 39.76%, driven by clients such as BMW and Ford [3] - The company is evolving from a lighting control provider to a platform enterprise, successfully developing various intelligent control modules, which are expected to enhance the value per vehicle [3] Summary by Sections Financial Performance - For Q3 2024, the gross profit margin was 29.7%, with a year-on-year decrease of 0.9 percentage points but a quarter-on-quarter increase of 3.5 percentage points [3] - The net profit margin for Q3 was 15.4%, showing a year-on-year increase of 0.8 percentage points and a quarter-on-quarter increase of 3.8 percentage points [3] - The company’s operating expenses ratio was 12.3%, down by 3.7 percentage points year-on-year and 2.5 percentage points quarter-on-quarter [3] Revenue Forecast - Revenue forecasts for 2024-2026 are 6.005 billion yuan, 7.715 billion yuan, and 9.718 billion yuan respectively, with corresponding net profits of 826 million yuan, 1.111 billion yuan, and 1.389 billion yuan [4][8] - The projected PE ratios for 2024-2026 are 29, 21, and 17 times respectively, indicating significant growth potential [3][4] Market Position - The company has established a global customer base and is expected to continue expanding its product offerings to penetrate larger clients [3] - The company has secured 43 new projects in the first half of 2024, with an estimated lifecycle sales volume of 75 million units, and has 136 projects under research, projecting over 280 million units in lifecycle sales [3]