Chunqiu ET(603890) 华鑫证券·2024-11-01 07:03Investment Rating - The report maintains a "Buy" investment rating for the company [1][3]. Core Insights - The company has shown stable revenue growth, driven by the increasing penetration of AIPC and the recovery of the notebook market, which has led to a significant rise in demand for structural components [1][3]. - The lightweight magnesium alloy applications in the new energy vehicle sector are emerging as a second growth driver for the company, with a notable increase in sales of new energy passenger vehicles in China [1][2]. - The company has established strong relationships with major clients such as Lenovo, Samsung, HP, and LG, which supports its revenue stability [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 2.982 billion yuan, a year-on-year increase of 27.73%, and a net profit attributable to shareholders of 141 million yuan, up 1268.19% [1]. - The third quarter alone saw revenue of 1.105 billion yuan, reflecting a year-on-year growth of 20.40% [1]. Revenue and Profit Forecast - The forecasted revenues for 2024, 2025, and 2026 are 3.992 billion yuan, 5.137 billion yuan, and 6.082 billion yuan, respectively, with corresponding EPS of 0.34 yuan, 0.59 yuan, and 0.79 yuan [3][5]. - The company is expected to benefit from the recovery in the PC market, the penetration of AIPC, and the lightweight upgrade in the automotive sector, leading to sustained revenue and profit growth [3]. Market Position and Strategy - The company employs a "one body, two wings" strategy, leveraging the recovery trend in the notebook market and the increasing demand for AIPC to enhance its production capacity and order delivery in the new energy vehicle sector [1][2]. - The company has a comprehensive product line for structural components, including various parts for notebooks, and possesses advanced manufacturing capabilities [1][2].