柯力传感：2024年三季报点评：营收快速增长，加速迈向“传感器森林”

Investment Rating - Strong Buy (Maintained) with a target price of 47.7 RMB, compared to the current price of 32.07 RMB [1] Core Views - Revenue growth accelerated in Q3 2024, with both revenue and profit increasing YoY [1] - The company achieved a revenue of 3.63 billion RMB in Q3 2024, a YoY increase of 21.87%, and a net profit of 0.74 billion RMB, a YoY increase of 43.17% [1] - Gross margin and net margin in Q3 2024 were 23.88% and 6.33%, respectively, with R&D expenses accounting for 7.1% of revenue [1] - The company completed the acquisition of Taizi Automation and Ruibide Sensing, enriching its product portfolio and accelerating its "Sensor Forest" strategy [1] - The company is making significant progress in robotics sensors, particularly in six-dimensional force sensors, with products already being sampled by domestic collaborative and humanoid robot customers [1] Financial Performance - Revenue for the first three quarters of 2024 was 9.19 billion RMB, a YoY decrease of 10.47%, while net profit was 1.91 billion RMB, a YoY increase of 3.67% [1] - The company's total assets are expected to grow from 3.838 billion RMB in 2023 to 5.606 billion RMB in 2026, with revenue projected to increase from 1.072 billion RMB in 2023 to 1.933 billion RMB in 2026 [3] - Net profit attributable to shareholders is forecasted to grow from 312 million RMB in 2023 to 564 million RMB in 2026, with EPS increasing from 1.11 RMB to 2.00 RMB over the same period [3] - The company's gross margin is expected to remain stable at around 44% from 2024 to 2026, with ROE improving from 12.3% in 2023 to 15.9% in 2026 [3] Strategic Developments - The company is expanding its product matrix in the robotics sensor market, focusing on multi-physical quantity sensor integration, including force, touch, vision, and inertial navigation sensors [1] - The company is leveraging its leading position in the domestic force sensor market to capitalize on the growth of emerging industries such as robotics [1] - The company is expected to benefit from the development of the robotics industry, with its product offerings and market position poised for rapid expansion [1] Industry Context - The company operates in the instrumentation and sensor industry, with a focus on expanding its presence in the robotics and automation sectors [1][2] - The industry is experiencing growth driven by advancements in robotics and automation, with the company well-positioned to benefit from these trends [1]