NJEC(600699) 财信证券·2024-11-05 07:13Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 411.35 billion yuan for the first three quarters of 2024, a slight decrease of 0.42% year-on-year, while the net profit attributable to shareholders increased by 20.90% year-on-year to 9.41 billion yuan [5][6] - The automotive safety business generated approximately 284 billion yuan in revenue, accounting for about 69.10% of total revenue, while the automotive electronics business achieved approximately 127 billion yuan, representing a growth of about 0.79% [6] - The company secured new orders worth approximately 704 billion yuan globally, with over 50% related to new energy vehicles [7] Summary by Sections Financial Performance - The company achieved a gross profit margin of 15.59% in the first three quarters of 2024, an increase of 1.65 percentage points year-on-year [6] - The projected revenue for 2024 is 609.85 billion yuan, with a net profit of 14.11 billion yuan, reflecting a year-on-year growth rate of 30.24% [9][10] Business Segments - The automotive safety business's gross margin improved significantly to approximately 14.0%, up by 2.6 percentage points year-on-year [6] - The automotive electronics business maintained a gross margin of 19.2%, despite a slight decline of 0.8 percentage points [6] Market Position and Outlook - The company is positioned as the second-largest player in the global automotive safety market, with expectations for continued growth in the automotive electronics sector driven by the increasing penetration of electric and intelligent driving technologies [9]