2024 年前三季度公司实现归母净利润4.6 亿元，已超过2022 年全年4.4 亿利润，创造业绩新高。单季度来看，受益汽车和消费电子主业增长，公司Q3 营收达到11.9亿元，同比+42%，环比+8%，营收创单季度最佳。汽车方面，主要客户鸿蒙智行/奇瑞/ 吉利/ 比亚迪Q3 汽车销量分别为12/63/53/113 万辆， 同比分别+655%/31%/16%/37%，环比分别+8%/14%/11%/15%，销量向好带动公司汽车业务向上。Q4 以旧换新政策加持叠加行业旺季，公司汽车电子业务环比有望进一步向上。occurrences
The company released its three-quarter report for 2024. In the first three quarters, it achieved revenue of 3.33 billion yuan, +51% year-on-year, and realized net profit of 0.46 billion yuan to mother, +85% year-on-year. Among them, Q3 achieved revenue of 1.19 billion yuan, +41% YoY, and +8% month-on-month; realized net profit of 0.15 billion yuan, +24% YoY and +4% month-on-month.
Automotive electronics continued to grow, and Q3 revenue hit a quarterly high
In the first three quarters of 2024, the company achieved net profit of 0.46 billion yuan, which surpassed 0.44 billion in profit for the full year of 2022, creating a new high level of performance. Looking at a single quarter, benefiting from the growth of the main automotive and consumer electronics industries, the company's Q3 revenue reached 1.19 billion yuan, +42% year-on-year, and +8% month-on-month, making it the best revenue in a single quarter. In terms of automobiles, the main customers Hongmeng Zhixing/Cherry/Geeley/ BYD Q3 sold 12/0.63/0.53/1.13 million vehicles respectively, +655%/31%/16%/37% year-on-year, and +8%/14%/11%/15% month-on-month respectively. The positive sales volume led to an improvement in the company's automobile business. Q4 The trade-in policy supports the peak season of the industry, and the company's automotive electronics business is expected to improve further month-on-month.
In terms of consumer electronics, domestic smartphone shipments of the core customer Huawei/Xiaomi Q3 were 24%/13% year-on-year respectively. Q4 consumer electronics also entered a peak season. The resonance between automobiles and consumer electronics led to a further increase in the company's revenue.
Profitability improved month-on-month, and the company achieved net profit of 0.15 billion yuan to mother in Q3, which was +24%, +4% month-on-month, and improved month-on-month. Q3 The company's gross sales margin was 33.6%, -1.5pct year over year, and +1.1 pct month-on-month. We believe that the month-on-month increase is mainly due to scale effects and a further increase in the share of the automotive business. Through the report, we found that the company had about 0.53 billion construction projects under construction in Q3. Mainly, the 5G industrial park reached the intended state of use, so the addition of some conventional depreciation in Q3 had a certain impact on performance. We believe that the company's automotive high-speed connector business industry has high growth, and the company's competitive pattern is good. As the share of automobile revenue increases, profitability is expected to increase further to offset the impact of new routine depreciation. At the same time, the company is currently under construction with only 0.14 billion yuan. If there is a current transformation in the future, the impact on net profit due to mother will also be relatively small, and the company's performance is expected to maintain a more steady performance.
The penetration rate of advanced smart driving is accelerating, and the company is expected to fully benefit
Referring to the electrification process, the penetration rate of models with advanced intelligent driving functions represented by L2+ has entered the 5%-30% stage. As high-quality supply continues to be introduced and functions continue to be optimized and iterated, the L2+ penetration rate is expected to increase rapidly. High-end smart driving penetration is driving an increase in the average sensor usage of bicycles, and demand for high speed/high frequency connectors is strong. As a supplier of high speed/high frequency connectors for scarce domestic cars, the company is expected to fully benefit.
Investment advice
We expect the company's revenue for 2024-2026 to be 4.33/5.55/ 6.79 billion yuan, respectively, +38%/28%/22% year over year; net profit to mother will be 0.64/0.86/1.1 billion yuan, +80%/34%/28% year over year, EPS 1.5/2.0/2.6 yuan/share, and CAGR-3 46%, respectively. In view of the rapid growth of the company's automotive business, the consumer electronics business steadily improved and maintained a “buy” rating.
Risk warning: Vehicle sales fall short of expectations; consumer electronics recovery falls short of expectations; automotive connector customer development falls short of expectations; penetration of high-level intelligent driving models falls short of expectations.
