联德股份：业绩符合预期，新产能投产

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.19 CNY per share, based on a 20x PE valuation for 2024 [4][2]. Core Insights - The company's performance in Q1-Q3 of 2024 met expectations, with revenues of 851 million CNY, a year-on-year decrease of 8.29%, and a net profit attributable to shareholders of 146 million CNY, down 28.47% year-on-year [1]. - The company is experiencing a drag on performance from its subsidiaries and joint ventures, with investment income from these entities showing losses in the current year compared to the previous year [1]. - New production capacity is being gradually released, particularly from the Mingde factory, which is expected to enhance the company's growth through synergies with its North American operations [1]. Financial Summary - Revenue for 2024 is projected at 1.23 billion CNY, with a growth rate of 1.5% [3]. - The net profit for 2024 is estimated at 231 million CNY, reflecting a decline of 7.9% compared to 2023 [3]. - The company’s EPS is forecasted to be 0.96 CNY in 2024, with a gradual increase to 1.48 CNY by 2026 [3]. - The EBITDA is expected to be 379 million CNY in 2024, with a steady increase in subsequent years [3]. Performance Metrics - The gross margin for Q3 2024 was reported at 38.72%, showing a slight year-on-year decrease of 0.70 percentage points [1]. - The net profit margin for Q3 2024 was 17.64%, down 3.71 percentage points year-on-year [1]. - The company’s return on equity (ROE) is projected to be 9.3% in 2024, improving to 11.4% by 2026 [3][25].