江苏雷利：收入稳健增长，技术创新成果亮眼

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company achieved a revenue growth of nearly 10% in Q3 2024, with total revenue reaching 853 million yuan, a year-on-year increase of 9.70%. For the first three quarters of 2024, total revenue was 2.476 billion yuan, reflecting a 10.20% year-on-year growth, indicating effective market expansion and sales strategies [1][2]. - The company's net profit attributable to the parent company in Q3 2024 was 67 million yuan, a decrease of 28.33% year-on-year, suggesting short-term pressure on profit growth. However, with the ongoing development of overseas markets and new customers and products, profit growth is expected to recover quickly [1][2]. - The gross margin for the first three quarters of 2024 was 28.76%, a decrease of 2.14 percentage points year-on-year, which is considered a reasonable fluctuation given the high base in 2023. The gross margin for Q3 2024 showed a slight increase of 0.35 percentage points compared to the previous quarter [2]. - The company has made significant technological innovations, successfully mass-producing various new products, including brushless motors for air conditioners and laser radar motors for electric vehicles. The company is also upgrading its manufacturing and production technologies to strengthen its technical advantages and build solid technological barriers [2]. Financial Forecast and Investment Suggestions - The company is projected to achieve revenues of 3.589 billion yuan, 4.369 billion yuan, and 5.284 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is expected to be 357 million yuan, 432 million yuan, and 514 million yuan for the same years. The current market capitalization corresponds to P/E ratios of 25.7, 21.3, and 17.9 times for 2024, 2025, and 2026, respectively [3][4]. - The company is continuously improving its product matrix and entering emerging fields, indicating a broad growth outlook [3].