LSKJ(SZ:300680) Shanghai Securities·2024-10-31 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [5][13]. Core Views - The company reported a significant increase in revenue and profit for Q3 2024, with a year-on-year revenue growth of 38.47% to 1.643 billion yuan and a net profit growth of 58.22% to 154 million yuan [4][3]. - The company's Q3 single-quarter revenue reached 583 million yuan, reflecting a year-on-year increase of 28.84% and a quarter-on-quarter increase of 17.86%, primarily driven by increased customer orders [4]. - The company benefits from the rapid growth of the new energy vehicle market, with its three main business segments—EGR systems, new energy vehicle drive motor cores, and precision automotive components—showing promising growth potential [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.643 billion yuan, with a net profit of 154 million yuan, and a non-recurring net profit of 151 million yuan [3][4]. - The gross margin for Q3 2024 was 17.90%, with a year-on-year increase of 1.16 percentage points [4]. - The company’s sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for Q3 2024 were 0.92%, 2.78%, 4.27%, and 1.39%, respectively [4]. Business Segments - The company’s business segments include EGR systems (33.36%), new energy vehicle drive motor cores (43.09%), and precision automotive components (22.66%) [4]. - The domestic new energy vehicle sales reached 8.3197 million units from January to September 2024, representing a year-on-year increase of 32.58% [4]. Future Projections - The company is expected to achieve net profits of 230 million yuan, 290 million yuan, and 365 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 56.88%, 26.04%, and 25.74% [5]. - The projected PE ratios for 2024, 2025, and 2026 are 21.09X, 16.74X, and 13.31X, respectively [5].