2）收入端：前三季度5.3 亿元，同比+22.6%；Q3 收入1.8 亿元，同比/环比+31.2%/+2.8%，收入端延续增长，环比增速不高，反映收入延迟确认影响。The company's Q3 net profit was 0.027 billion yuan, +38.6%/-34.7% yoy. The month-on-month ratio was disrupted by one-time factors such as equity incentives and increased tax costs. I am optimistic about the steady growth of the company's performance, and the robot parts business has achieved a breakthrough. Maintain an “Overweight” rating.
Performance continued to grow, and revenue recognition and one-time factors disrupted profits.
1) Profit side: Net profit attributable to mother for the first three quarters was 0.105 billion yuan, +50.5% year over year, the growth rate was higher than the revenue growth rate; after deducting non-net profit of 0.092 billion yuan, +53.0% year over year. Q3 net profit to mother was 0.027 billion yuan, +38.6%/-34.7% YoY. The reasons for the month-on-month decline include: a) the impact of increased employee rewards and equity incentives of about 7 million yuan; b) the increase in tax costs of about 3 million yuan, all one-time expenses; c) the delay in revenue recognition of about 10%, which is expected to be confirmed in the fourth quarter.
2) Revenue side: 0.53 billion yuan in the first three quarters, +22.6% year over year; Q3 revenue was 0.18 billion yuan, +31.2%/+2.8% yoy. Revenue continued to grow, and the month-on-month growth rate was not high, reflecting the impact of delayed revenue confirmation.
3) Gross profit margin: The gross profit margin for the first three quarters was 34.4%, with a gross profit margin of 32.7% in Q3, +2.4pct/month-on-month. The decline in month-on-month gross margin reflects the one-time impact of bonuses on the cost side.
4) Expense rate: The total sales/management/R&D/finance expense ratio for the first three quarters was 13.7%, -1.0pct; Q3 sales/management/R&D/finance expenses were 1.7%/8.5%/4.9%/0.2%, respectively, -0.3pct/-0.2pct/+0.2pct, a total of 15.3%, and -0.01pct/+2.5pct.
5) Net interest rate: Net interest rate for the first three quarters was 19.9%, +3.7pct year on year; of these, Q3 net interest rate was 14.7%, +0.8pct/month-on-month.
Actively develop components for humanoid robots. With its card position advantage in the field of special engineering plastics, the company has expanded from traditional fields such as automobiles and home appliances to emerging fields such as humanoid robots and energy storage. In the field of humanoid robots, the company actively collaborates with customers to develop new precision parts for humanoid robots. We expect that as the industrialization of humanoid robots accelerates, the company's robot parts business will achieve a breakthrough.
Maintain an “Overweight” rating. The company is a leading enterprise in the field of precision injection molded parts. The competition pattern on the racetrack is good, the barriers are high, and the product is widely used. It is optimistic that the company's production capacity expansion+product/customer expansion will drive growth. Net profit for 2024-2026E is expected to be 0.157 billion/0.192 billion/0.241 billion yuan, respectively, +52.1%/+22.0%/+25.6% YoY, corresponding to 22.9x/18.8x/15.0x 2024-26E P/E. Maintain an “Overweight” rating.
Risk warning: raw material prices fluctuate, customers are relatively concentrated, and capacity expansion falls short of expectations
