LONCIN(603766) 国海证券·2024-11-01 11:13Investment Rating - The report maintains a "Buy" rating for Longxin General (603766) as of November 1, 2024 [2][3][8] Core Insights - Longxin General reported a revenue of 12.22 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 30.5%, with a net profit attributable to shareholders of 900 million yuan, up 13.7% year-on-year [3] - In Q3 2024, the company achieved a revenue of 4.55 billion yuan, a year-on-year increase of 34.5%, and a net profit of 310 million yuan, up 7.0% year-on-year [3] - The motorcycle business showed significant growth, with revenue reaching 4.56 billion yuan in Q3 2024, a year-on-year increase of 79.4% [3] - The restructuring process is progressing steadily, with significant investments received from related parties totaling 1.346 billion yuan and 846 million yuan [3] Summary by Sections Financial Performance - For Q3 2024, the gross margin was 17.6%, down 0.9 percentage points year-on-year, and the net profit margin was 6.8%, down 1.7 percentage points year-on-year [3] - The company forecasts revenues of 14.655 billion yuan, 15.532 billion yuan, and 16.672 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.096 billion yuan, 1.292 billion yuan, and 1.462 billion yuan [3][6] Market Performance - Longxin General's stock performance relative to the CSI 300 index shows an increase of 3.3% over the past month, 23.2% over three months, and 49.3% over the past year [3] - The stock price is currently at 8.17 yuan, with a market capitalization of approximately 16.78 billion yuan [3][8] Business Segments - The VOGE series of motorcycles generated revenue of 910 million yuan in Q3 2024, marking a year-on-year increase of 120.6%, with domestic sales up 147.1% [3] - The general machinery business also performed well, with revenue of 940 million yuan, a year-on-year increase of 47.3% [3]