HASCO(SH:600741) Changjiang Securities·2024-11-06 01:54Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The company achieved a revenue of 42.2 billion yuan in Q3 2024, a year-on-year decrease of 5.4% but a quarter-on-quarter increase of 4.8%. The net profit attributable to the parent company was 1.61 billion yuan, down 15.2% year-on-year but up 0.7% quarter-on-quarter [3][4]. - Despite pressure on major clients' production and sales, the company demonstrated resilience with stable revenue growth, driven by the successful expansion of external customers [3][5]. - The gross margin for Q3 2024 was 12.3%, remaining flat year-on-year and increasing by 0.6 percentage points quarter-on-quarter, primarily due to a decrease in raw material costs [4][5]. - The company is actively expanding its external customer base, with revenue from customers outside SAIC Group accounting for 62.0% of total revenue in the first half of 2024, an increase of 6.6 percentage points year-on-year [5][6]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 42.2 billion yuan, a year-on-year decline of 5.4% and a quarter-on-quarter increase of 4.8%. The net profit attributable to the parent company was 1.61 billion yuan, reflecting a year-on-year decrease of 15.2% and a quarter-on-quarter increase of 0.7% [3][4]. - The gross margin was 12.3%, unchanged year-on-year and up 0.6 percentage points from the previous quarter, mainly due to lower raw material costs [4]. Market Strategy - The company is focusing on expanding its external customer base, with significant growth in revenue from new clients. In the first half of 2024, revenue from customers outside SAIC Group reached 62.0%, up 6.6 percentage points year-on-year [5][6]. - The company is also accelerating its transition to new energy vehicles, with over 70% of the revenue from new business related to electric vehicles [5][6]. Future Outlook - The company is expected to maintain steady growth in net profit, with projections of 6.5 billion yuan, 6.82 billion yuan, and 7.23 billion yuan for the years 2024, 2025, and 2026, respectively [6][10]. - The dividend payout ratio for 2023 is 32.78%, corresponding to a nearly 12-month dividend yield of 4.7% [6].