SUNWODA(300207) Soochow Securities·2024-10-31 09:01Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - Q3 performance met expectations with total revenue of 38.3 billion yuan, a year-on-year increase of 12%, and net profit attributable to shareholders of 1.2 billion yuan, a year-on-year increase of 51% [2] - The consumer lithium battery segment continues to perform well, with Q3 revenue of 7.6 billion yuan, a quarter-on-quarter increase of 10%, and a gross margin of 18-19% [3] - The power storage customer base is expanding, with Q3 revenue of 4 billion yuan and a shipment of 6.8 GWh, although the segment is expected to incur losses [4] - Operating expenses increased during Q3, with a total of 5.2 billion yuan, a year-on-year increase of 17% [5] - The profit forecast for 2024-2026 has been adjusted to 1.709 billion, 2.139 billion, and 2.694 billion yuan respectively, reflecting a year-on-year growth of 59%, 25%, and 26% [5] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 54.3 billion yuan, with a year-on-year growth of 13.45% [1] - Net profit for 2024 is estimated at 1.709 billion yuan, representing a year-on-year increase of 58.84% [1] - The latest diluted EPS is expected to be 0.92 yuan per share for 2024 [1] Consumer Lithium Battery Segment - Revenue from the consumer business in Q3 was 7.6 billion yuan, contributing approximately 600 million yuan in profit [3] - For 2024, consumer revenue is expected to reach 31 billion yuan, a year-on-year increase of 10% [3] Power Storage Segment - Q3 revenue from the power storage segment was 500 million yuan, with a significant quarter-on-quarter increase of 40% [4] - The company anticipates total power shipments of 20-25 GWh for the year, which is expected to double compared to the previous year [4] Operating Expenses and Cash Flow - Operating expenses for the first three quarters of 2024 totaled 5.2 billion yuan, with a fee ratio of 13.6% [5] - Operating cash flow for Q3 was 900 million yuan, a quarter-on-quarter decrease of 51% [5]