Megmeet(SZ:002851)2024-11-03 14:26Financial Performance - In Q3 2024, the company achieved operating revenue of 1.892 billion CNY, a year-on-year increase of 19.02% [2] - The net profit attributable to shareholders was 96.5622 million CNY, up 3.86% from the previous year [2] - The net profit after deducting non-recurring gains and losses was 81.1347 million CNY, an increase of 16.30% [2] - For the first three quarters of 2024, total operating revenue reached 5.903 billion CNY, a 21.06% increase year-on-year [2] - The net profit attributable to shareholders for the same period was 411.147 million CNY, up 27.06% [2] Business Segments - The company has diversified into six major product areas: smart home appliance control products, power products, new energy and rail transportation components, industrial automation, smart equipment, and precision connections [3] - In the new energy vehicle sector, the company has established partnerships with major manufacturers like BAIC New Energy and Geely, expecting growth from new customer development and product category expansion [3] - The smart home appliance business saw over 40% growth in H1 2024, driven by both domestic and international demand, particularly in the Indian market [5] Research and Development - As of September 2024, the company employed over 2,800 R&D engineers, accounting for 36% of its workforce, with R&D expenses totaling 696 million CNY, a 33.22% increase year-on-year [4] - The company is focusing on expanding its overseas market presence, with direct overseas revenue reaching 1.932 billion CNY in the first three quarters of 2024, a 39.91% increase, representing 32.73% of total sales [4] Future Outlook - The company plans to enhance its product offerings in the new energy vehicle sector, including thermal management products and distributed powertrains, to capture new growth opportunities [3] - The AI server power project is still in the R&D phase, with no formal orders yet, indicating potential uncertainty in short-term revenue impact [4] - The company aims to accelerate its overseas expansion strategy, establishing R&D centers in the US and Germany, and production capabilities in Thailand and India [4]