Investment Rating - The report maintains a "Buy" rating for Shanghai Ailu (301062) with a 6-month target price of 12.68 RMB [3] Core Views - Shanghai Ailu's Q3 2024 revenue increased by 15% YoY to 300 million RMB, while net profit attributable to the parent company decreased by 36% YoY to 12 million RMB [3] - For the first three quarters of 2024, the company's revenue grew by 15% YoY to 880 million RMB, with net profit attributable to the parent company increasing by 23% YoY to 60 million RMB [3] - The company's gross margin for Q1-Q3 2024 improved by 1.3 percentage points to 24%, while the net margin decreased by 0.7 percentage points to 5.6% [3] Strategic Developments - Shanghai Ailu plans to establish an industrial fund with a target size of 120.6 million RMB, with the company contributing 60 million RMB as a limited partner [4] - The company's subsidiary, Aina New Energy, signed a strategic cooperation framework agreement with Beili Tongchuang for the supply of polyurethane composite frame products, with a total procurement scale of 1.08GW from Q4 2024 to the end of 2026 [5] Financial Projections - The report adjusts the company's profit forecast, expecting net profit attributable to the parent company to reach 100 million RMB in 2024, 126 million RMB in 2025, and 167 million RMB in 2026 [6] - EPS is projected to be 0.25 RMB in 2024, 0.31 RMB in 2025, and 0.42 RMB in 2026 [6] - The company's P/E ratio is expected to be 51X in 2024, 40X in 2025, and 30X in 2026 [6] Financial Performance - Shanghai Ailu's total assets are projected to grow from 2,304.69 million RMB in 2024E to 2,698.16 million RMB in 2026E [13] - The company's operating cash flow is expected to decrease from 228.07 million RMB in 2022 to 142.01 million RMB in 2024E, before recovering to 150.41 million RMB in 2026E [15] - The debt-to-asset ratio is forecasted to remain stable at around 44% from 2024E to 2026E [16]
上海艾录：参与设立产业基金拓宽战略视野