2024年前三季度及单季归母净利润均维持同比30%左右增速，毛利率均维持30%水平。24Q3单季营收5.30亿元，同比+16.27%；归母净利润0.97亿元，同比+32.74%，主要系公司成熟业务稳健发展的同时，积极推进智能雨刮系统产品、传感器类产品、半导体功率器件等业务板块拓展，持续提升市场份额，加快海外市场布局。24Q3单季毛利率为31.78%，同比+1.73个百分点。Incident Overview
The company released the 2024 three-quarter report. Revenue for the first three quarters of 2024 was 1.556 billion yuan, +31.77% year over year; net profit to mother was 0.307 billion yuan, +31.27% year over year; net profit without return to mother was 0.28 billion yuan, +64.46% year over year.
Investment summary
Net profit to mother for the first three quarters of 2024 and the single quarter both maintained a year-on-year growth rate of around 30%, and gross margin remained at 30%. 24Q3's single quarter revenue was 0.53 billion yuan, +16.27% year over year; net profit to mother was 0.097 billion yuan, +32.74% year over year. While the company's mature business is developing steadily, it also actively promotes the expansion of business segments such as smart wiper system products, sensor products, semiconductor power devices, etc., to continuously increase market share and accelerate overseas market layout. The gross margin for the 24Q3 quarter was 31.78%, +1.73 percentage points year-on-year.
Intelligent power controllers are developing steadily, and the vertical integration of the industrial chain has great advantages. Intelligent power controller business products include rectifiers and regulators, which are mainly used in traditional fuel vehicles. The company's products are of excellent quality and can replace similar international products in situ. The vertical integration of the industrial chain is leading, and it has mature automotive high-power diode preparation capabilities and automotive precision bracket injection molding process capabilities. The comprehensive cost is superior to international peers. At the same time, the company also has a layout in the field of micromotor brushless controllers, which is expected to support the steady growth of the company's performance.
The overseas after-sales market share of nitrogen and oxygen sensors increased, and semiconductor power devices were rapidly released. The products are mainly used in diesel vehicles and have high technical barriers. The company has mastered core technologies such as high-temperature co-firing of ceramic cores, underlying control algorithms, and chip development, and has broken through foreign technology blockades. Currently, the share of products in overseas after-sales markets such as Europe and the US continues to increase. In the future, it will continue to enhance vertical integration in the industrial chain and accelerate the expansion of the share of the overseas front-end market and the global after-sales market. In addition, the scale of the company's semiconductor power devices and other businesses also ushered in rapid expansion, and the growing business blossomed.
Investment advice
We expect revenue for 2024-2026 to be 2.18/2.855/ 3.669 billion yuan, respectively; +30.46%/+30.96%/+28.49% year over year; net profit to mother will be 0.418/0.543/0.701 billion yuan, respectively, +37.07%/+29.94%/+29.08% year over year, and PE corresponding to the closing price on October 25, 2024 will be 17.12X/13.18X/10.21X, respectively, maintaining “buying” ratings.
Risk warning
Product quality risk, new product development risk, raw material price fluctuation risk, international trade environment change risk
