推进智能化制造，拓展先进产能：23 年德国产高端炼胶生产线投入使用，产能1.5 万吨，新增德国UTH 离线滤胶机，大幅提升公司高端汽车密封条的炼胶产能；新增两条高端多复合挤出生产线，生产能力稳步提升；后工序车间导区配置加速，全年完成配置43 个接角对接岛区、35 个喷涂链后岛区和15 个亮条岛区，大量购置橡胶注射机、机械手自动化喷涂流水线、全自动卡扣机、全伺服三维成型机等先进生产设备，形成18 亿元左右的先进产能空间。Incident: The company released its 2024 three-quarter report. In 24Q3, it achieved revenue of 0.287 billion yuan, +3% YoY, +0.5% month-on-month; net profit to mother 0.038 billion yuan, -12.5% YoY, -4.2% month-on-month; gross profit margin 28.9%, YoY -2pp, flat month-on-month, with net profit margins of 13.2%, -2.3pp, YoY -0.6pp. Q1-3 Revenue of 0.842 billion yuan, +14.6% YoY, net profit to mother 0.129 billion yuan, +33.2% YoY.
Price reduction pressure in the supply chain was transmitted, and Q3 profits were under pressure: 24Q3 sales of the company's main customers increased, and the company's operations rebounded quarter by quarter. With revenue growth, continuous expansion of new projects, continuous strengthening of cost control, and continuous management optimization, the company's fixed expense ratio continued to decline, and gross margin resumed growth starting 23Q3. The 24Q1-3 gross profit margin was 30.4%, +1.4pp year on year, net profit margin 15.4%, and +2.2pp year on year. However, due to strong pressure on the supply chain to reduce prices, the company's revenue and profit growth rate fell short of previous expectations, and Q3 profits were under pressure.
The share of new energy sources continues to rise, and frameless seals are growing at a fixed point: as the company's NEV projects continue to be put into production, and frameless sealing strip models such as the Krypton 007 and Zhijie S7 enter mass production, the Extreme Krypton 001 continues to be popular. 24H1 NEVs account for about 15.3% of revenue, an increase of 5pp compared to last year. The total number of projects received in the first half of the year exceeded 120% of the projects undertaken last year. The vast majority were new energy vehicle projects. The company's competitive advantage is more prominent, and it also lays a good foundation for rapid development in the next two years.
Promote intelligent manufacturing and expand advanced production capacity: a high-end German rubber mixing production line was put into use in 23, with a production capacity of 0.015 million tons, and a German UTH offline rubber filter was added, greatly increasing the rubber production capacity of the company's high-end automobile seals; two new high-end multi-composite extrusion production lines were added, and production capacity was steadily increased; the post-process workshop guide area configuration was accelerated, and 43 joints connected to the island area, 35 spray chains, and 15 bright island areas were purchased in large quantities. Clothes Advanced production equipment such as 3D molding machines forms an advanced production capacity space of about 1.8 billion yuan.
Profit forecasting and investment advice. The company's 2024-2026 EPS is expected to be 0.73/0.87/1.04 yuan respectively, corresponding PE is 18/15/13 times, and net profit CAGR to mother is 23%. It will give 20 times PE in 2025, with a target price of 17.40 yuan, maintaining the “buy” rating.
Risk warning: competition increases risk; risk of customer development falling short of expectations; risk of rising raw material prices, etc.
