Workflow
豪迈科技:三季报点评:收入同比增长26%,轮胎模具业务持续向好

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company achieved a revenue of 6.365 billion yuan in the third quarter of 2024, representing a year-on-year growth of 26.24%. The net profit attributable to shareholders was 457 million yuan, up 15.93% year-on-year [1]. - The tire mold business continues to perform well, driven by the rapid development of the new energy vehicle sector in China and the overall positive trend in the tire industry. The company is also enhancing its global production capacity, with new facilities in Thailand and Mexico [1][4]. - The company has adjusted its profit forecast upwards, expecting net profits attributable to shareholders to reach 1.93 billion yuan, 2.30 billion yuan, and 2.66 billion yuan for the years 2024, 2025, and 2026 respectively [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 6.365 billion yuan, a year-on-year increase of 20.05%. The net profit attributable to shareholders was 1.417 billion yuan, reflecting a growth of 21.23% [1][6]. - The gross margin and net margin for the first three quarters of 2024 were 34.94% and 22.29%, respectively, showing slight improvements compared to the previous year [1][7]. - The company’s operating expenses have increased, impacting the net profit growth rate, with management and R&D expenses rising due to increased personnel costs [1][7]. Earnings Forecast and Valuation - The company is projected to have a net profit of 1.93 billion yuan in 2024, 2.30 billion yuan in 2025, and 2.66 billion yuan in 2026, with corresponding price-to-earnings ratios of 20, 16, and 14 times [1][9]. - The expected revenue for 2024 is 8.512 billion yuan, with a growth rate of 18.8% compared to 2023 [3][9].