费用率略有上升。2024 年前三季度，公司销售/管理/财务/研发费用率分别为6.30%/7.27%/1.39%/8.49%，同比+0.83/+0.12/+0.49/+0.42pct；其中，24Q3公司销售/管理/财务/研发费用率分别6.33%/7.10%/1.70%/8.26%，同比+1.07/-0.21/+0.53/+0.87pct，环比+0.92/+0.74/+0.33/-0.27pct。公司期间销售和财务费用率增幅较大主要系新增并表子公司所致。Key points of investment:
Incident: The company released its three-quarter report for 2024: In the first three quarters of 2024, the company achieved revenue of 0.919 billion yuan, +14.03%; net profit to mother was 0.191 billion yuan, -10.74% year over year; net profit without return to mother was 0.159 billion yuan, +3.67% year over year. Among them, 24Q3's single quarter revenue was 0.363 billion yuan, +21.87% YoY; net profit to mother was 0.074 billion yuan, +0.38% YoY; net profit without return to mother was 0.059 billion yuan, +0.36% YoY.
The scale of revenue increased steadily, and the profit side was under slight pressure in 24Q3. The company's revenue scale is growing steadily, which we believe is mainly due to the addition of new subsidiaries. In terms of profitability, in the first three quarters of 2024, the company's gross profit margin and net margin were 43.32%/23.68%, with year-on-year changes of -0.35pct/-4.87pct. Among them, the gross margin/net interest rate for the 24Q3 single quarter was 43.17%/23.88%, respectively, and -2.25pct/-3.27pct year-on-year.
There has been a slight increase in the fee rate. In the first three quarters of 2024, the company's sales/management/finance/R&D expense ratios were 6.30%/7.27%/1.39%/8.49%, respectively, +0.83/+0.49/+0.42pct; among them, 24Q3 company's sales/management/finance/R&D expenses rates were 6.33%/7.10%/1.70%/8.26%, +1.07/-0.21/+0.53/+0.87pct, month-on-month +0.92/+0.33/ -0.27pct. The large increase in sales and financial expense ratios during the company period was mainly due to the addition of new consolidated subsidiaries.
Operating cash flow is relatively abundant. In the first three quarters of 2024, the company's net cash flow from operating activities was 0.148 billion yuan, +28.28% year over year; of these, net cash flow from operating activities in Q3 was 0.078 billion yuan, a slight increase over the previous year.
With internal and external efforts, growth can be expected. The company's six-dimensional force/torque sensor has completed product series development for humanoid robot wrists, ankles, industrial arms, and collaborative arms. At the same time, samples have been sent directly to Huawei, and the product is progressing smoothly. The company has invested in mergers and acquisitions focusing on sensors and the industrial Internet of Things, and has formed a business layout in four major fields, including intelligent industrial measurement and control, smart logistics equipment, energy and environmental equipment measurement, and robot sensors. Currently, it covers more than 20 types of sensors, including mechanics, electricity, optical fiber temperature measurement, water quality monitoring, temperature, pressure, light curtain, gas, strong vibration, etc., and has initially established the Group's sensor forest strategy.
Profit forecasting and valuation. We expect the company's 2024/2025/2026 net profit to be 0.305/0.364/0.454 billion yuan, and EPS of 1.08/1.29/1.62 yuan. Considering the company's leading mechanical sensor company, the endogenous+epitaxial two-wheel drive company continues to grow, and the six-dimensional force sensor product has been sent to Huawei. We have given the company a 35-40 times PE valuation in 2024, with a reasonable value range of 37.94-43.36 yuan/share (the company's EPS is expected to be 1.08 yuan in 2024), corresponding to a reasonable market value of 10.7-12.2 billion yuan, a “superior to the market” rating.
Risk warning: Projects such as humanoid robots fall short of expectations, foreign investment falls short of expectations, risk of impairment of goodwill, increased market competition, macroeconomic cycle fluctuations, and risk of performance falling short of expectations.
