苏轴股份：2024年前三季度业绩稳步增长

Investment Rating - No rating provided for the company [5] Core Views - The company achieved steady growth in the first three quarters of 2024, with revenue of 546.83 million yuan, a year-on-year increase of 17.45%, and net profit attributable to the parent company of 117.60 million yuan, a year-on-year increase of 35.04% [1] - Gross margin for the first three quarters of 2024 was 38.54%, an increase of 1.21 percentage points year-on-year, and net profit margin attributable to the parent company was 21.51%, an increase of 2.80 percentage points year-on-year [1] - In Q3 2024, the company achieved revenue of 188.38 million yuan, a year-on-year increase of 16.53%, and net profit attributable to the parent company of 43.59 million yuan, a year-on-year increase of 36.87% [1] - The company's gross margin in Q3 2024 was 39.47%, an increase of 1.23 percentage points year-on-year, and net profit margin attributable to the parent company was 23.14%, an increase of 3.44 percentage points year-on-year [1] Financial Performance - Revenue for 2020-2023 was 435.03 million yuan, 532.14 million yuan, 563.35 million yuan, and 636.37 million yuan, respectively, with year-on-year growth rates of 0.66%, 22.32%, 5.87%, and 12.96% [3] - Net profit attributable to the parent company for 2020-2023 was 63.82 million yuan, 63.18 million yuan, 83.71 million yuan, and 124.18 million yuan, respectively, with year-on-year growth rates of -3.79%, -0.99%, 32.49%, and 48.34% [3] - Gross margin for 2020-2023 was 34%, 30%, 33%, and 37%, respectively [3] - ROE for 2020-2023 was 14.41%, 11.76%, 14.22%, and 18.69%, respectively [3] - Earnings per share for 2020-2023 were 0.84 yuan, 0.78 yuan, 0.87 yuan, and 1.28 yuan, respectively [3] - P/E ratio for 2020-2023 was 13.67, 20.41, 11.03, and 20.49, respectively [3] Operational Highlights - The company's total asset turnover ratio was 0.63, remaining stable compared to the previous year [5] - Operating cash flow for the first three quarters of 2024 was 112.45 million yuan, a year-on-year decrease of 24.47% [5] - The company has established itself as a leading manufacturer of needle roller bearings in China, with a wide range of products and specifications [5] - In 2023, the company was approved as a national "Postdoctoral Research Workstation" and received several awards, including "High-Quality Growth Enterprise of the Beijing Stock Exchange" and "High-Quality Governance Enterprise of the Beijing Stock Exchange" [5] - The company has obtained material release approval from Volkswagen (VW50015), passed the high-tech enterprise re-evaluation, and the Jiangsu Province specialized and sophisticated SME re-evaluation [5] - The company has reached an agreement with COMAC for the development of aircraft body roller bearings, further enhancing its comprehensive strength and brand image [5] - As of November 29, 2024, the company's market capitalization was 4.041 billion yuan, with a TTM P/E ratio of 26.12 [5]