VEICHI(688698) 华创证券·2024-10-31 12:27Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 42.8 CNY, compared to the current price of 32.00 CNY [1]. Core Insights - The company achieved a revenue of 1.157 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 22.37%. The net profit attributable to the parent company was 210 million CNY, up 34.09% year-on-year, with a gross margin of 40.53% and a net margin of 17.66% [1]. - In Q3 2024, the company reported a revenue of 386 million CNY, a 20.25% increase year-on-year, and a net profit of 76 million CNY, which is a 51.88% increase year-on-year. The gross margin reached 42.63%, marking a recent high [1]. - The company continues to invest in R&D, with a total expenditure of 141 million CNY in the first three quarters of 2024, reflecting a 36.20% increase year-on-year [1]. - The company is expanding its overseas business, with a 38.60% year-on-year growth in overseas revenue, while domestic revenue grew by 17.09% [1]. - A new joint venture, Shenzhen Weidali Innovation Technology Co., Ltd., has been established in collaboration with partners to enhance capabilities in the robotics sector [1]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 1.718 billion CNY, 2.213 billion CNY, and 2.788 billion CNY, respectively, with year-on-year growth rates of 31.7%, 28.8%, and 26.0% [2]. - The net profit attributable to the parent company is expected to be 268 million CNY in 2024, 362 million CNY in 2025, and 490 million CNY in 2026, with growth rates of 40.5%, 35.1%, and 35.4% respectively [2]. - Earnings per share (EPS) are projected to be 1.27 CNY in 2024, 1.71 CNY in 2025, and 2.32 CNY in 2026 [2].