盈利能力方面，2024 年前三季度，公司毛利率/净利率分别为23.16%/-11.49%，同比-4.36pct/-6.58pct，其中公司2024Q1-Q3 单季度净利率分别为-21.57%、-12.52%、-4.81%，盈利能力逐季度增强。费用端，2024 年前三季度，公司销售/管理/研发/财务费用率分别为7.46%/7.83%/22.31%/-0.96%，同比+2.15pct/-0.25pct/-2.43pct/+1.83pct，整体期间费用率同比变动+1.30pct，其中2024Q3 研发费用率同环比分别-7.54pct/-5.00pct，随研发成果进一步转化，公司业绩拐点可期。The company released the 2024 three-quarter report, and the profit side reduced losses quarter by quarter
In the first three quarters of 2024, the company achieved operating income of 3.546 billion yuan, or +24.05% year-on-year, achieving net profit to mother of -0.41 billion yuan, increasing the year-on-year loss margin; in a single quarter, the company achieved revenue of 1.519 billion yuan, or +30.80% year-on-year, achieving net profit to mother of -0.077 billion yuan. 2024Q1 and Q2 were -0.192 and -0.142 billion yuan respectively, and Q3 reduced losses month-on-month. The company has accelerated intelligent transformation, rapid growth in R&D expenses, etc. will affect the company's profits in the short term. Based on this, we slightly lowered the company's 2024-2026 performance forecast. We expect 2024-2026 net profit to be 0.275/0.169/0.384 billion yuan (2024-2026 original value 0.009/0.185/0.407 billion yuan), corresponding to EPS of -2.29/1.40/3.20 yuan/share, respectively. 2025-2026 corresponds to the current stock price PE was 58.5/25.7 times, respectively. As the company's ability to industrialize technology gradually increased, the profit side reduced losses quarter-on-quarter, and further developed with downstream partner customers. Performance recovery can be expected, and the “buy” rating was maintained.
Profitability increased quarterly, and cost control results showed that performance inflection points can be expected
In terms of profitability, in the first three quarters of 2024, the company's gross margin/net margin was 23.16%/-11.49%, respectively, -4.36pct/-6.58pct. Among them, the company's net interest rates for the 2024Q1-Q3 single quarter were -21.57%, -12.52%, and -4.81%, respectively, and profitability increased quarterly. On the cost side, in the first three quarters of 2024, the company's sales/management/R&D/finance expense rates were 7.46%/7.83%/22.31%/-0.96%, respectively, +2.15pct/-0.25pct/-2.43pct/+1.83pct. The overall period cost rate changed +1.30pct year over year. Among them, the 2024Q3 R&D cost rate was -7.54pct/-5.00pct, respectively. Further transformation with R&D results, the company's performance inflection point can be expected.
New customers continue to expand, and the city NOA plan is expected to be mass-produced in 2025
The company deeply lays out intelligent automobiles, and customers continue to expand. In terms of automotive electronics, the company's smart driving, car body and other products were targeted and gradually mass-produced by mainstream domestic and foreign automaker customers such as Geely and Stellantis; domain integration products continued to be launched; central computing platform products were mass-produced for the first time and equipped with the Xiaopeng Mona M03; AR-HUD products were added to support a mainstream model and began mass production. In terms of R&D services and solutions, the company's software series products have opened up new customers such as Xiaomi and Chery. In addition, it has also received new orders for overseas R&D services, and the order amount has increased. Furthermore, in line with the development of the smart driving industry, the company continues to diversify its product range. The urban NOA plan using Huixi smart chips is expected to be mass-produced and implemented by a well-known automaker in 2025.
Risk warning: Downstream demand falls short of expectations, market competition is fierce, and product development progress falls short of expectations.
