VEICHI(SH:688698) Xinda Securities·2024-11-01 07:31Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook based on financial performance and growth prospects [2]. Core Insights - The company achieved a revenue of 1.157 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 22.37%, with a net profit attributable to the parent company of 210 million yuan, up 34.09% year-on-year [3]. - The gross margin for Q3 2024 was reported at 42.63%, an increase of 3.62 percentage points year-on-year, indicating enhanced profitability [3]. - The company is expanding its overseas market presence, particularly in regions such as Africa, Asia, and Latin America, while also increasing efforts in the European and American markets [3]. - The human-shaped robot business is being developed, with significant investments and partnerships aimed at tapping into the growing market for robotics and related components [3]. - Profit forecasts for the company suggest net profits of 270 million yuan, 320 million yuan, and 400 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 41%, 20%, and 23% [3]. Financial Summary - For 2024, the company is projected to have total revenue of 1.65 billion yuan, with a year-on-year growth of 26.5% [5]. - The net profit attributable to the parent company is expected to reach 269 million yuan in 2024, with a growth rate of 41.2% [5]. - The gross margin is anticipated to be 39.2% in 2024, slightly improving from 38.1% in 2023 [5]. - The company's P/E ratios for 2024 and 2025 are projected to be 26.62 and 22.24 respectively, indicating a favorable valuation trend [5].