IKD(600933) 国海证券·2024-11-03 13:31Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company's Q3 2024 performance showed significant growth in profitability, driven by a decline in raw material prices and optimized expense management [6] - The company released a stock incentive plan, demonstrating confidence in long-term development [4] - The company's product portfolio is expanding from small to medium and large components, with capacity expansion both domestically and internationally, supporting continued growth [7] Financial Performance - Q3 2024 revenue reached 1.725 billion yuan, up 8.40% YoY and 7.33% QoQ [5] - Q3 2024 net profit attributable to shareholders was 292 million yuan, up 44.74% YoY and 34.02% QoQ [5] - Q3 2024 gross margin was 29.75%, up 0.96 percentage points YoY and 2.09 percentage points QoQ [6] - Q3 2024 net profit margin was 17.34%, up 4.57 percentage points YoY and 3.20 percentage points QoQ [6] Market Data - Current stock price is 15.70 yuan [2] - 52-week price range is 11.59-23.63 yuan [2] - Total market capitalization is 15.34 billion yuan [2] - Average daily trading volume is 466.29 million yuan [2] Forecasts - Revenue for 2024-2026 is projected to be 7.22 billion, 8.53 billion, and 10.85 billion yuan, with growth rates of 21%, 18%, and 27% respectively [10] - Net profit attributable to shareholders for 2024-2026 is expected to be 1.03 billion, 1.22 billion, and 1.55 billion yuan, with growth rates of 13%, 18%, and 26% respectively [10] - EPS for 2024-2026 is forecasted to be 1.06, 1.25, and 1.58 yuan [10] Stock Incentive Plan - The company plans to grant 8.032 million restricted shares to 857 employees, accounting for 0.82% of total shares [4] - The incentive plan sets revenue growth targets of 15.35%-19.19% for 2025 and 20.72%-25.90% for 2026, compared to 2023 [4]