市场结构持续优化，加强全球产业布局。公司客户均衡覆盖亚洲、北美以及欧洲等区域的全球知名汽车零部件供应商及新能源汽车主机厂，产品结构拓展至三电核心零部件、结构件、底盘系统零件、智能驾驶等领域。目前公司新品量产有序推进，营收规模稳步增长，2024 年上半年新能源汽车用产品销售收入超过30%。公司积极布局海外市场，墨西哥二期工厂（新能源汽车结构件及三电系统零部件生产基地）预计将于2025 年第二季度投入生产；7 月马来西亚铝合金材料生产线开始量产，预计四季度部分锌合金零件产线开始量产；后续欧洲生产基地将审慎推进。Performance was better than market expectations. The company's revenue for the first three quarters was 4.974 billion yuan, up 17.5% year on year; net profit to mother was 0.742 billion yuan, up 24.1% year on year; net profit after deducting non-return to mother was 0.681 billion yuan, up 15.6% year on year. Revenue for the third quarter was 1.725 billion yuan, up 8.4% year on year and 7.3% month on month; net profit to mother was 0.292 billion yuan, up 44.7% year on year, up 34.0% month on month; net profit after deducting non-return to mother was 0.263 billion yuan, up 32.2% year on year, up 33.7% month on month.
Gross margin improved markedly in the 3rd quarter. The gross profit margin for the first three quarters was 29.0%, up 0.1 percentage points year on year; the gross profit margin for the third quarter was 29.7%, up 1.0 percentage point year on year and 2.1 percentage point month on month. The significant improvement in the company's gross margin in the third quarter is expected to be mainly due to factors such as fluctuations in raw materials and shipping prices, changes in product structure, and scale effects.
The cost rate for the first three quarters was 12.6%, up 2.1 percentage points year on year. Among them, the R&D expense ratio increased 0.8 percentage points year on year. It is expected to be mainly due to R&D depreciation and material increases; the financial expense ratio increased by 1.1 percentage points, mainly due to fluctuations in exchange gains and losses. Net cash flow from operating activities in the first three quarters was 1.29 billion yuan, up 42.3% year over year, mainly due to an increase in sales repayments in the previous period.
The market structure continues to be optimized to strengthen the global industrial layout. The company's customers cover world-renowned auto parts suppliers and new energy vehicle OEMs in Asia, North America and Europe in a balanced manner, and the product structure has expanded to the fields of Sandian core components, structural parts, chassis system parts, and intelligent driving. At present, the company's mass production of new products is progressing in an orderly manner, and the revenue scale is growing steadily. In the first half of 2024, sales revenue for NEV products exceeded 30%. The company is actively developing overseas markets. The Mexican Phase II plant (production base for new energy vehicle structural parts and tri-electric system components) is expected to be put into production in the second quarter of 2025; mass production of aluminum alloy material production lines in Malaysia will begin in July; mass production of some zinc alloy parts production lines is expected to begin in the fourth quarter; subsequent European production bases will proceed carefully.
Launch the sixth equity incentive plan to fully motivate employees. On October 29, the company released the sixth restricted stock incentive plan (draft). The plan is to grant 8.032 million shares of restricted shares, accounting for about 0.82% of the company's total share capital on the announcement date; a total of 857 people were initially granted incentives, accounting for 10.56% of the company's total employees; the grant price was 7.15 yuan per share. The current equity incentive plan is based on 2023 to assess the actual growth rate of revenue for each year of 2025 and 2026. Among them, the maximum target is 19.19% and 25.90%, respectively, and the default minimum targets are 15.35% and 20.72%, respectively. This equity incentive plan has a broad scope and clear performance goals, which helps to fully mobilize the enthusiasm of the company's employees and highlights the confidence of the company's management and core employees in the company's long-term development.
The gross profit margin, expense ratio, etc. are adjusted, and the net profit to the mother for 2024-2026 is 1.072, 1.378, and 1.744 billion yuan, respectively (the original 1.036, 1.376, and 1.751 billion yuan), maintaining the average PE valuation of comparable companies in 2024, 18 times the target price of 19.8 yuan, and maintaining the purchase rating.
Risk warning
Sales in the passenger car industry fell short of expectations, revenue from automotive aluminum alloy castings fell short of expectations, revenue from NEV products fell short of expectations, and fund-raising projects reached production later than expected.
