继峰股份：24Q3业绩点评：剥离北美TMD，有望迎来业绩拐点

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company reported a revenue of approximately 16.906 billion yuan for the first three quarters of 2024, a year-on-year increase of about 6.07%, while the net profit attributable to the parent company was approximately -532 million yuan, a year-on-year decrease of about 445.02% [1] - The company plans to sell 100% equity of TMD LLC for an initial transaction price of 40 million USD, which aligns with its strategic plan to enhance the quality and efficiency of overseas assets [1] - The company is expanding its new business categories, including hidden electric air outlets and vehicle refrigerators, which are expected to become new growth points [1] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of approximately 5.9 billion yuan, a year-on-year increase of about 7.20% and a quarter-on-quarter increase of about 3.15% [1] - The gross profit margin for Q3 2024 was approximately 14.08%, a decrease of 1.02 percentage points year-on-year and 0.29 percentage points quarter-on-quarter [1] - The net profit margin for Q3 2024 was approximately -11.69%, a decrease of 13.05 percentage points year-on-year and 12.23 percentage points quarter-on-quarter [1] Client Performance - Major clients showed strong production performance, with NIO EC6, NIO ES6, and Li Auto L6 producing approximately 8,600, 26,900, and 76,800 units respectively in Q3 2024, with year-on-year changes of +313.77%, -11.79%, and +78.97% [1] Business Outlook - The company expects revenue for 2024, 2025, and 2026 to be approximately 23.87 billion, 28.13 billion, and 32.51 billion yuan, representing year-on-year growth rates of 10.7%, 17.8%, and 15.6% respectively [2] - The net profit attributable to the parent company is projected to be approximately -438 million, 853 million, and 1.231 billion yuan for 2024, 2025, and 2026, with year-on-year growth rates of -314.7%, +295.0%, and +44.2% respectively [2]