Azure(002245) 海通证券·2024-11-04 05:42Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company's performance in the first three quarters of 2024 has shown significant improvement, with revenue reaching 4.838 billion yuan, a year-on-year increase of 30.92%, and a net profit attributable to shareholders of 282 million yuan, up 173.21% year-on-year [4] - The lithium battery business continues to grow, with Q3 revenue of 666.5 million yuan and a projected total shipment of over 430 million units for the year [6] - The company is expected to maintain a positive outlook for its performance, with projected net profits of 410 million yuan, 620 million yuan, and 756 million yuan for 2024, 2025, and 2026 respectively [6] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.774 billion yuan, a year-on-year increase of 22.72% and a quarter-on-quarter increase of 8.44% [4] - The gross profit margin for Q3 was 18.95%, up 7.35 percentage points year-on-year, while the net profit margin was 6.46%, an increase of 2.20 percentage points year-on-year [4] Business Segments - The revenue from the lithium battery, LED, and metal logistics segments all showed quarter-on-quarter growth, with Q3 revenues of approximately 665 million yuan from lithium batteries, 450 million yuan from LEDs, and 620 million yuan from metals [5] - The LED segment performed particularly well, contributing approximately 48 million yuan to net profit in Q3 [5] Shipment and Capacity - The company shipped 118 million lithium batteries in Q3 2024, with expectations to exceed 430 million units for the entire year [6] - Domestic production capacity is projected to reach 600 million units by 2025, with additional capacity in Malaysia under construction [6] Profit Forecast and Valuation - The company is expected to achieve net profits of 4.10 billion yuan, 6.20 billion yuan, and 7.56 billion yuan from 2024 to 2026 [6] - The valuation is set at a price-to-earnings ratio of 30-35 times for 2024, corresponding to a reasonable value range of 10.68 to 12.45 yuan per share [6]