Tier0.5 平台持续推进，海外布局加速。公司基于减震、内外饰、轻量化、智能座舱、热管理、底盘、空悬、智能驾驶八大产品线持续推进Tier0.5 平台。在此模式下，公司客户结构持续优化，与华为系、理想、蔚来、小米、比亚迪、吉利等均有合作，并不断开拓新项目。与此同时，加快海外布局，覆盖Rivian、福特、通用、Stellantis、宝马等海外优质客户。On October 28, 2024, the company released its 2024 three-quarter report: 2024Q3 achieved operating income of 7.13 billion yuan, +42.85% YoY; realized net profit attributable to mother 0.778 billion yuan, +54.63% YoY; realized net profit without return to mother 0.727 billion yuan, +53.68% YoY.
2024Q3 performance was in line with expectations, and both revenue and profit increased. 2024Q3 achieved operating income of 7.13 billion yuan, +42.85% YoY, +9.13% month-on-month; realized net profit of 0.778 billion yuan, +54.63% YoY, and -4.07% month-on-month; realized net profit without return to mother of 0.727 billion yuan, +53.68% YoY and +3.96% month-on-month, with both revenue and profit growth.
Profitability is stable, and expenses for the period are properly controlled. 1) Gross profit margin: 2024Q3's comprehensive gross margin was 20.88%, -1.79pct year-on-year, and +0.47pct month-on-month. 2) Expense side: The cost rate during 2024Q3 was 8.57%, -2.78pct year-on-year, and +0.36pct month-on-month. Among them, the sales expense ratio was 1.13% (YoY -0.14pct, month-on-month +0.07pct), management expense ratio was 2.23% (YoY -0.96pct, month-on-month -0.17pct), R&D expense ratio was 4.58% (YoY -0.57pct, month-on-month +0.33pct), and the financial expense ratio was 0.63% (YoY -1.11pct, month-on-month +0.12pct), and expenses for the period were properly controlled.
The Tier 0.5 platform continues to advance, and the overseas layout accelerates. The company continues to advance the Tier 0.5 platform based on eight product lines: shock absorption, interior and exterior, lightweight, intelligent cockpit, thermal management, chassis, idle suspension, and intelligent driving. Under this model, the company's customer structure continues to be optimized, cooperates with Huawei, Ideal, NIO, Xiaomi, BYD, Geely, etc., and continues to develop new projects. At the same time, overseas deployment will be accelerated to cover high-quality overseas customers such as Rivian, Ford, GM, Stellantis, and BMW.
Investment advice: The company is a scarce platform enterprise in China, and its performance is expected to continue to grow with the continuous development of customers and categories. We maintained 2024-2026 operating income of 28.123, 35.526, and 43.496 billion yuan, and corresponding net profit to mother of 2.859, 3.658, and 4.613 billion yuan, respectively. Based on the closing price of October 28, 2024, the company's current market value is 78.215 billion yuan, corresponding to 2024-2026 PE, 27.35X, 21.38X, and 16.96X respectively, maintaining a “buy” rating.
Risk warning: New energy customer sales fall short of expectations, business development progress such as thermal management, idle suspension, robot actuators, etc., slow global production capacity expansion, fluctuations in exchange rates, tariffs, raw material prices, and customer price reductions.
