Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company reported a revenue of 2.487 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.42%, with a net profit attributable to shareholders of 342 million yuan, down 11.68% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 955 million yuan, with a year-on-year decrease of 5.68% but a quarter-on-quarter increase of 26.86%. The net profit attributable to shareholders was 123 million yuan, reflecting a year-on-year increase of 11.77% and a quarter-on-quarter increase of 17.94% [2]. - The company is deepening its partnerships with high-quality clients such as Tesla, Li Auto, NIO, and Leap Motor, with significant improvements in sales volume for these core clients in Q3 2024 [2]. - The company is accelerating its layout in integrated die-casting, with plans to invest 1 billion yuan in a project in Jinhua City, with the first phase planned for 600 million yuan and the second phase for 400 million yuan [2]. - The company is expected to see revenue growth from 3.97 billion yuan in 2024 to 5.41 billion yuan in 2026, with corresponding net profits increasing from 510 million yuan to 710 million yuan [2][3]. Summary by Sections Financial Performance - For Q3 2024, the company reported a gross margin of 21.55%, with a year-on-year decrease of 2.14 percentage points and a quarter-on-quarter decrease of 0.21 percentage points. The net profit margin was 12.81%, down 0.90 percentage points year-on-year and 0.95 percentage points quarter-on-quarter [2]. - The company’s revenue forecast for 2024 is 3.97 billion yuan, with a growth rate of 1.5%, and is expected to reach 5.41 billion yuan by 2026, with a growth rate of 16.2% [3]. Client Relationships - The company has established strong partnerships with leading electric vehicle manufacturers, with Tesla's sales in China reaching 181,900 units in Q3 2024, a quarter-on-quarter increase of 24.67%. Li Auto's sales were 152,800 units, up 40.75% quarter-on-quarter [2]. Investment Strategy - The company is focusing on integrated die-casting to enhance production efficiency and is expected to gradually ramp up production by 2025 [2].
多利科技：公司简评报告：业绩环比改善，静待一体化压铸放量