Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][8] Core Insights - The company reported a revenue of 2.49 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9%, and a net profit attributable to shareholders of 340 million yuan, down 12% year-on-year. In Q3 2024, the revenue was 950 million yuan, a decrease of 6% year-on-year but an increase of 27% quarter-on-quarter. The net profit for Q3 was 120 million yuan, also down 12% year-on-year but up 18% quarter-on-quarter [5][6] - The improvement in Q3 performance is attributed to an increase in sales from core customers. The company has expanded its customer base in the new energy vehicle sector, becoming a qualified supplier for major manufacturers such as Tesla, Li Auto, NIO, Leap Motor, and BYD. In Q3 2024, Tesla China sold 182,000 units, up 25% quarter-on-quarter, while Li Auto and NIO saw increases of 41% and 8% respectively [6][7] - The company is actively developing its integrated die-casting business, with four production lines established in Jiangsu and Anhui. The first line in Yancheng has begun mass production. A new investment project in Jinhua is planned with a total investment of 1 billion yuan, expected to generate sales of 2.1 to 2.3 billion yuan over its lifecycle [7][8] Financial Summary - The company forecasts revenues of 4.1 billion yuan for 2024, 5.0 billion yuan for 2025, and 5.8 billion yuan for 2026, with net profits of 500 million yuan, 630 million yuan, and 750 million yuan respectively. The earnings per share (EPS) are projected to be 2.11 yuan, 2.63 yuan, and 3.12 yuan for the same years. The price-to-earnings (PE) ratios are estimated at 12, 10, and 8 times for 2024, 2025, and 2026 respectively [8][9][11]
多利科技：公司季报点评：核心客户销量环比提升，24Q3业绩改善