盈利能力情况，24 年前三季度公司毛利率和净利率分别为34.11%/22.54%，分别环比下降4.57pcts 和2.45pcts，主要是收入占比结构影响。单24Q3 实现毛利率34.16%，环比下降0.75pct；净利率22.13%，环比下降1.33pct。Event: On October 30, 2024, the company released its report for the third quarter of 2024.
In the first three quarters of 2024, the company achieved operating income of 3.439 billion yuan, an increase of 19.77% year on year; realized net profit of 0.775 billion yuan, an increase of 8.43% year on year; realized net profit deducted from non-mother 0.752 billion yuan, an increase of 3.25% year on year. Looking at the single quarter, 24Q3 achieved revenue of 1.322 billion yuan, a year-on-year increase of 46.92% and a month-on-month increase of 16.26%. Since Q2, the company's supporting markets have grown; achieved net profit of 0.293 billion yuan, a year-on-year increase of 31.04%, and an increase of 9.93% month-on-month; achieved net profit without income to mother of 0.291 billion yuan, a year-on-year increase of 32.85% and a month-on-month increase of 13.31%.
24Q3: Stable profit and good cost control
In terms of profitability, the company's gross margin and net margin for the first three quarters of 24 were 34.11%/22.54%, respectively, down 4.57 pcts and 2.45 pcts month-on-month, respectively, mainly due to the structural impact of revenue share. Single 24Q3 achieved gross profit margin of 34.16%, down 0.75pct month-on-month; net profit margin 22.13%, down 1.33pct month-on-month.
Expenses, the company's expense ratio for the first three quarters of 24 was 8.40%, up 0.2 pct year on year. Among them, financial/ management/ development/ sales expenses were -0.12%/3.41%/3.55%/1.56%, respectively, +0.83 pct/-0.27pct/+0.19pct, respectively. The overall cost situation remained stable.
At present, the share of new energy vehicles has exceeded 50%
According to the company's 24H1 disclosure, the company's new energy vehicles currently account for about 52%, photovoltaics about 24%, wind power about 4%, industrial control about 15%, household appliances about 3%, and lighting about 2%. New energy vehicles currently account for more than half of the company's revenue, and overall new energy (new energy vehicles plus scenery) accounts for 80%, which is the main driving force for the company's performance growth.
Investment advice
The company is a leader in the thin-film capacitor segment. The competitive position of the industry is stable, and I am optimistic that the company's profitability will recover after the industry is reshuffled. We expect the company's 2024-2026 revenue to be 4.848, 6.081, and 7.742 billion yuan, respectively, with corresponding growth rates of 25.0%, 25.4%, and 27.3%; net profit to mother will be 1.163, 1.443, and 1.784 billion yuan, respectively, with corresponding growth rates of 13.6%, 24.1%, and 23.6%, respectively, based on the closing price on November 1, corresponding to 2024-2026 PE of 24x, 19x, and 16x. Maintain a “Recommended” rating.
Risk warning: raw material price fluctuation risk; exchange rate fluctuation risk.
