Shuanglin Auto Parts(300100) 华创证券·2024-11-07 07:58Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 29.3 CNY, compared to the current price of 21.97 CNY [1]. Core Insights - The company has shown stable business growth, with a revenue increase of 12.25% year-on-year, reaching 3.236 billion CNY in Q3 2024. The net profit attributable to shareholders surged by 274% year-on-year to 366 million CNY [1][2]. - The company is focusing on enhancing its production management to improve gross margins across various business lines, with the average gross margin in Q3 2024 rising to 21.27% from 17.98% in the previous year [2]. - The company is actively developing its screw rod business, having successfully created prototypes and is in the validation phase, with plans for future capacity expansion [2]. - The company is expanding its overseas business in hub bearings and has made significant improvements in its new energy motor segment, securing key clients and enhancing revenue [2]. Financial Summary - The total revenue for 2023 is projected at 4.139 billion CNY, with expected growth rates of 11.0%, 18.4%, and 15.6% for 2024, 2025, and 2026, respectively [3]. - The net profit attributable to shareholders is forecasted to be 440 million CNY in 2024, reflecting a significant increase of 444.4% year-on-year [3]. - The earnings per share (EPS) is expected to rise to 1.10 CNY in 2024, with a price-to-earnings (P/E) ratio of 20 [3].