Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 71.2 RMB, compared to the current price of 58.05 RMB [1] Core Views - The company's Q3 2024 revenue reached 557 million RMB, a year-on-year increase of 5.06%, with net profit attributable to the parent company at 137 million RMB, up 28.13% year-on-year [1] - Core business revenue remains stable, with sufficient orders for Q4, particularly in the automotive aftermarket sector [1] - Overseas factory capacity is stable, with the third phase of investment expected to boost production capacity [1] - The company is accelerating the mass production of humanoid robot-related products, with a planned investment of 117 million RMB for the "Robot Parts Intelligent Technology Transformation Project" [1] Financial Performance - Q3 2024 revenue was 197 million RMB, a slight year-on-year decrease of 1.01%, but net profit attributable to the parent company increased by 3.36% to 42 million RMB [1] - The company's revenue for 2024-2026 is forecasted to be 778 million RMB, 962 million RMB, and 1.123 billion RMB respectively, with net profit attributable to the parent company expected to be 184 million RMB, 224 million RMB, and 261 million RMB [1] - The company's gross margin is projected to remain stable at around 32% from 2024 to 2026, with a net margin of approximately 23% [5] Business Development - The company's products are primarily used in automotive wheel hubs and transmission systems, with a focus on the overseas automotive aftermarket [1] - The company's Thailand factory, with a current capacity utilization rate of 70%-80%, is expected to increase production capacity after the completion of the third phase of investment [1] - The company has established a robot parts division and is actively promoting the mass production of harmonic reducers and actuator modules [1] Market Performance - The company's total market capitalization is 6.385 billion RMB, with a circulating market capitalization of 3.189 billion RMB [3] - The company's stock price has fluctuated between 25.35 RMB and 60.12 RMB over the past 12 months [3] Valuation - The company's P/E ratio is forecasted to be 31x, 25x, and 22x for 2024, 2025, and 2026 respectively [2] - The company's P/B ratio is expected to be 3.3x, 3.0x, and 2.7x for the same period [2]
斯菱股份：2024年三季报点评：2024年Q3业绩波动，海外业务持续发力