Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The establishment of a joint venture in Spain is aimed at accelerating the company's globalization efforts, enhancing collaboration with a leading automotive parts manufacturer, and reducing overseas investment risks [1]. - The company has experienced pressure on profitability in the first three quarters, with revenue of 2.709 billion yuan, up 8.92% year-on-year, but a net profit of 192 million yuan, down 43.93% year-on-year [2]. - The company is actively expanding its customer base in the new energy vehicle sector, having become a qualified supplier for major manufacturers like Tesla and BYD [2]. Financial Summary - Revenue projections for 2025-2027 are estimated at 4 billion, 4.6 billion, and 5.3 billion yuan, respectively, with corresponding net profits of 420 million, 525 million, and 601 million yuan [3][4]. - The company's gross margin is projected to be 21.1% in 2024, decreasing to 20.4% in 2025, and stabilizing around 20.8% by 2027 [11]. - The company’s total assets are expected to grow from 6.855 billion yuan in 2024 to 7.758 billion yuan in 2027 [10][11].
多利科技（001311）：设立西班牙合资公司，加快全球化布局