明阳科技：北交所信息更新：受益智能座舱自动化升级助力人效增长，2024Q3单季营收达新高

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company benefits from the automation upgrade of smart cockpits, which aids in increasing labor efficiency, with Q3 2024 revenue reaching a new high [1][3] - For the first three quarters of 2024, the company reported revenue of 209 million yuan, a year-on-year increase of 17.18%, and a net profit attributable to shareholders of 59.6 million yuan, up 34.01% year-on-year [3] - The company maintains its profit forecast, expecting net profits attributable to shareholders of 83 million yuan, 101 million yuan, and 123 million yuan for 2024-2026, corresponding to EPS of 0.81 yuan, 0.98 yuan, and 1.19 yuan per share, with current P/E ratios of 23.3, 19.1, and 15.7 times respectively [3][5] Financial Performance - In Q3 2024, the company achieved revenue of 82 million yuan, a year-on-year increase of 17.79%, and a net profit attributable to shareholders of 26.35 million yuan, up 42.36% year-on-year, marking historical highs for both metrics [3] - The company has effectively controlled costs, with a decrease in three major expense ratios: sales, management, and financial expense ratios at 1.74%, 7.60%, and -0.24% respectively, showing year-on-year declines [5] - The company's return on human capital investment reached 226.24% in the first three quarters of 2024, a historical high, reflecting a growth of 31.24 percentage points compared to the entire year of 2023 [5] Industry Trends - The automotive industry in China saw production and sales of 21.47 million and 21.57 million vehicles respectively in the first three quarters of 2024, with year-on-year growth of 1.9% and 2.4% [4] - The production and sales of new energy vehicles reached 8.316 million and 8.32 million units, with year-on-year growth of 31.70% and 32.50%, maintaining rapid growth and accounting for a market share of 38.60% [4] - The trend of "new four modernizations" in the automotive sector has led to increased attention on seat functionality, with the smart seat market expected to expand significantly due to the integration of features like electric adjustment, human-computer interaction interfaces, massage, heating, and ventilation [4]