Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue growth that exceeded expectations for Q3 2024, but the net profit growth was slightly below expectations. For the first three quarters of 2024, the company achieved a revenue of 447 million yuan, a year-on-year increase of 32.7%, and a net profit attributable to the parent company of 67.48 million yuan, a year-on-year increase of 5.2% [4][5] - The company is focusing on increasing its market share in the automotive electronics sector, particularly through the import substitution strategy, which is expected to enhance its long-term market position despite short-term profit growth being under pressure [5][6] - Continuous high R&D investment is being made, with R&D expenses for the first three quarters of 2024 amounting to 36.45 million yuan, a year-on-year increase of 18.86% [5] Summary by Sections Market Data - Closing price: 26.36 yuan - One-year high/low: 28.68/10.64 yuan - Market capitalization of circulating A shares: 3,009 million yuan [1] Financial Data - Net asset per share: 6.92 yuan - Asset-liability ratio: 13.74% - Total share capital/circulating A shares: 141 million/114 million [2] Revenue and Profit Forecast - Total revenue forecast for 2024: 605 million yuan, with a year-on-year growth rate of 29.5% - Net profit forecast for 2024: 85 million yuan, with a year-on-year growth rate of 10.1% [7][9] - Earnings per share forecast for 2024: 0.60 yuan [7] Long-term Outlook - The company aims to become a leader in the automotive ultrasonic sensor market, with key performance indicators of its products already comparable to international giants. The current period is seen as a golden growth opportunity for domestic sensor manufacturers [5]
奥迪威：汽车电子销售高增长，汇率波动等因素致利润略低于预期