KEBODA(603786) Haitong Securities·2024-11-03 07:20Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 1.53 billion yuan in Q3 2024, representing a year-on-year increase of 24% and a quarter-on-quarter increase of 15%. The net profit attributable to the parent company was 230 million yuan, up 31% year-on-year and 54% quarter-on-quarter. The gross margin was 29.65%, down 0.91 percentage points year-on-year but up 3.53 percentage points quarter-on-quarter. The net profit margin was 15.9%, an increase of 0.33 percentage points year-on-year and 3.52 percentage points quarter-on-quarter [4] - The energy management system is leading revenue growth, with the lighting control system generating 760 million yuan in revenue (up 19% year-on-year), the motor control system generating 230 million yuan (up 17% year-on-year), and the energy management system generating 250 million yuan (up 94% year-on-year) [4] - The company has secured a project with Volkswagen for suspension controllers, marking its first entry into the Volkswagen Group's product line and expanding its high-value product offerings in the global market [4] Financial Forecast and Investment Suggestions - Revenue forecasts for 2024-2026 are 6.11 billion yuan, 7.67 billion yuan, and 9.45 billion yuan, respectively. Net profits are projected to be 811 million yuan, 1.095 billion yuan, and 1.388 billion yuan, respectively. The earnings per share (EPS) are expected to be 2.01 yuan, 2.71 yuan, and 3.44 yuan for the same periods [5] - The company is assigned a price-to-earnings (PE) ratio of 30-35x for 2024, corresponding to a reasonable value range of 60.26 to 70.30 yuan [5]