内销保持优于行业的韧性增长，外销延续高增长。公司前三季度营业收入同比增长9.57%，其中Q1/Q2/Q3 分别同比增长10.22%/10.37%/8.05%，单三季度在国内整体消费较为低迷形势下实现较稳定增长，或系海外市场表现较为强劲。拆分来看，单三季度B端业务实现微增，其中新能源及工业技术收入同比增长约7%，智能建筑科技收入同比增长约5%，机器人与自动化收入同比下滑约10%，或系海外汽车厂商产品策略调整，对应来看B 端业务前三季度营收占比小幅下滑。C 端业务单季度收入同比增长约8%，主要得益于公司海外自有品牌快速成长，不断深化拓展全球布局。Description of the event
The company disclosed the three-quarter report: The company achieved operating income of 318.975 billion yuan in the first three quarters of 2024, an increase of 9.57% over the previous year, achieved net profit of 31.699 billion yuan, an increase of 14.37% over the previous year, and achieved net profit after deducting non-return to mother of 30.377 billion yuan, an increase of 13.17% over the previous year. The company achieved operating income of 101.701 billion yuan in the third quarter of 2024, an increase of 8.05% year on year, realized net profit to mother of 10.895 billion yuan, an increase of 14.86% year on year, and realized net profit after deducting non-return to mother of 10.196 billion yuan, an increase of 10.96% year on year.
Incident comments
Domestic sales maintained resilient growth superior to the industry, and export sales continued to grow at a high rate. The company's revenue in the first three quarters increased 9.57% year on year. Among them, Q1/Q2/Q3 increased 10.22%/10.37%/8.05% year on year respectively. The single third quarter achieved relatively steady growth under the sluggish overall domestic consumption situation, or the overseas market performance was strong. Looking at the breakdown, the B-side business achieved a slight increase in the third quarter. Among them, revenue from new energy and industrial technology increased by about 7% year on year, revenue from intelligent building technology increased by about 5% year on year, and revenue from robots and automation fell by about 10% year on year, or product strategy adjustments by overseas automobile manufacturers. In response, the B-side business's revenue share declined slightly in the first three quarters. The revenue of the C-side business increased by about 8% year-on-year in a single quarter, mainly due to the rapid growth of the company's overseas brands and the continuous deepening and expansion of the global layout.
Due to factors such as exchange rates, the company's gross margin declined somewhat in the third quarter, and comprehensive deduction of non-net profit maintained a relatively favorable growth rate. The company's cumulative gross margin for the first three quarters increased 0.91 percentage points year over year to 26.76%, or mainly driven by business structure optimization. In terms of expenses, the company's sales cost rate/management expense rate/R&D cost rate/financial expense ratio were +1.06/+0.04/+0.13/ -0.36pct, respectively. The overall cost ratio was stable, which made the company's operating profit for the first three quarters (revenue - cost - tax and additional - sales & management & R&D expenses + credit impairment & asset impairment loss) 34.915 billion yuan, up 9.64% year over year, corresponding operating margin was 10.95%. Continued growth in scale compounded by an increase in profitability, the company's performance maintained a high growth rate. The first three quarters achieved a 13.17% year-on-year increase after deduction of non-net profit. The company's gross margin fell 1.08 percentage points to 26.04% in the third quarter, or mainly due to the company's high share of overseas business and exchange rate fluctuations. In terms of expenses, the company's sales expense ratio for the third quarter increased by 0.82 percentage points year on year, and the management expense ratio was optimized by 0.29 percentage points year on year, mainly due to the company continuing to promote the construction of the Meiyun sales ecosystem, improving the efficiency of the entire retail chain in terms of monopoly system position construction, store supply experience optimization, digital retail transformation, DTC transformation, etc., the R&D expenses rate increased slightly by 0.06 percentage points year on year, and the financial expenses ratio decreased sharply by 2.02 percentage points year on year.
Investment advice: The company has developed into a global technology group covering smart homes, industrial technology, building technology, robotics and automation, and other innovative businesses. It has established a business matrix with equal emphasis on ToC and ToB, which can provide diversified product types and services, maintain a leading position in technology, and continue to strengthen the global business layout to achieve sustainable growth in business scale. On this basis, the company promotes the digital operation of the entire value chain to achieve efficiency optimization. The company's C-side business has a leading edge. The B-side business shows strong momentum and continues to strengthen operating efficiency. We expect the company's net profit to be 386.59, 425.38, and 46.743 billion yuan in 2024-2026, corresponding to PE of 14.1, 12.8, and 11.7 times, respectively, maintaining a “buy” rating.
Risk warning
1. Macroeconomic adjustments bring about the risk of income fluctuations;
2. The sharp rise in raw material costs brings the risk of declining profitability; 3. Risk of global asset allocation and overseas market expansion.
