KSHG(605333) 开源证券·2024-11-02 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q3 2024 revenue of 2.114 billion yuan, a year-on-year increase of 121.40%, and a net profit attributable to shareholders of 183 million yuan, up 901.75% year-on-year [4] - The gross margin for Q3 reached 20.5%, a significant increase of 3.99 percentage points compared to Q2 [4] - The company has optimized its customer structure and increased resource development for new energy clients, leading to sustained high growth in performance [4] - Profit forecasts have been raised, with expected net profits for 2024-2026 being 637 million, 890 million, and 1.157 billion yuan respectively, corresponding to EPS of 1.46, 2.04, and 2.65 yuan per share [4] Financial Performance Summary - Q3 2024 revenue: 2.114 billion yuan, up 121.40% year-on-year [4] - Q3 2024 net profit: 183 million yuan, up 901.75% year-on-year [4] - Gross margin for Q3 2024: 20.5%, up 3.99 percentage points from Q2 [4] - Revenue for the first three quarters of 2024: 5.532 billion yuan, up 133.71% year-on-year [4] - Net profit for the first three quarters of 2024: 438 million yuan, up 2030.18% year-on-year [4] - Expected net profits for 2024-2026: 637 million, 890 million, and 1.157 billion yuan [4] - Corresponding EPS for 2024-2026: 1.46, 2.04, and 2.65 yuan per share [4] - Current stock price corresponds to PE ratios of 22.2, 15.9, and 12.2 for 2024-2026 [4] Order and Production Capacity - The company has maintained a robust order backlog, contributing to rapid revenue growth [5] - New projects and mass production have driven significant increases in revenue [5] - The company has secured various projects, including high and low voltage wiring harnesses for multiple automotive brands [5] Industry Position - The company is a leader in the high-voltage wiring harness business for new energy vehicles, benefiting from the trend of domestic substitution [6] - The company has developed a fully automated production line for high-voltage wiring harnesses, enhancing efficiency and standardization [6]