盈利预测：预计公司24-26 年收入依次为69.8/83.7/99.6 亿元，同比增速依次为19%、20%、19%，归母净利润为8.4/10.2/12.3 亿元，同比增速依次为29%、21%、20%，维持“买入”评级。Incidents. The company released its three-quarter report, with 24Q3 revenue of 1.519 billion yuan, -0.71%/-10.45% YoY, net profit to mother 0.203 billion yuan, +1.2%/-9.83% YoY. Net profit after deducting non-return to mother was $0.196 billion, -1.49%/-9.9% YoY.
Downstream demand and exchange rate changes affect revenue performance in stages. 1) Revenue: 24Q3 revenue was 1.519 billion yuan, -0.71%/-10.45%. The month-on-month decline is expected to be mainly due to downstream customer demand+exchange rate fluctuations affecting revenue performance in stages; 2) Gross profit margin: 24Q3 gross profit margin 28.83%, +0.66/+0.71 pct compared to the previous month, increasing the expected product structure improvement mainly brought about by the increase in profitable products.
Leading the global strategy, they are optimistic that the expansion of interior categories such as roofs will bring about sustainable growth. The company has a leading global strategy, remarkable cost control capabilities, and excellent overseas integration and operation capabilities. Subsequent growth stemmed from expanding categories and assemblies (roof and ceiling system integration) based on the homology of underlying process technology (injection molding, foaming, etc.). The company strengthens its own management and technology improvement, consolidates its dominant position in product fields such as automobile sun visors, seat headrests and armrests, and ceiling central controllers, seizes the rapid development opportunities of the NEV industry, expands product categories, and expands product categories from individual partial interior parts such as sun visors to large-scale products integrating the entire roof system, thereby increasing the value of bicycles. I am optimistic about the sustainability of growth brought about by the expansion of interior categories such as roofs.
Profit forecast: The company's revenue for 24-26 is expected to be 6.98/8.37/9.96 billion yuan, with year-on-year growth rates of 19%, 20%, and 19% in that order, and net profit to mother of 0.84/1.02/1.23 billion yuan, with year-on-year growth rates of 29%, 21%, and 20% in that order, maintaining the “buy” rating.
Risk warning: Cyclic fluctuations in sales volume in the downstream passenger car industry, sharp rise in raw material prices, falling short of customer demand, etc.
