收入端，受益于产能释放和新客户开拓，Q3 收入同比增速超过33%，其中汽车安全零部件收入贡献较大体量，份额进一步提升；分结构看，海外收入占比提升的背后，特斯拉、大众、沃尔沃、戴姆勒、奔驰等整车厂贡献积极增量。盈利端，公司Q3 整体毛利率37.17%，环比提升6pct，毛利率回升至Q1 水平，印证其盈利稳定性；期间费用率环比提升较大，其中销售费用率与管理费用率环比提升较大，预计与终端交付节奏和人员奖金激励有关，最终实现21.1%的净利率，同环比均有所提升。Description of the event
Zhejiang Rongtai released its 2024 three-quarter report. 2024Q3 achieved revenue of 0.311 billion yuan, up 33% year on year and 10% month on month; net profit to mother of 0.066 billion yuan, up 36% year on year, up 21% month on month; after deducting non-net profit of 0.062 billion yuan, up 36% year on year and 20% month on month. Performance continues to be steady.
Incident comments
On the revenue side, benefiting from the release of production capacity and the development of new customers, Q3 revenue grew at a year-on-year rate of more than 33%. Among them, automobile safety parts revenue contributed significantly, and the share further increased; by structure, behind the increase in overseas revenue, automakers such as Tesla, Volkswagen, Volvo, Daimler, and Mercedes-Benz contributed positively. On the profit side, the company's overall gross profit margin in Q3 was 37.17%, up 6pct month-on-month, and gross margin rebounded to the Q1 level, confirming its profit stability; the cost ratio increased significantly during the period. Among them, the sales expense ratio and management fee ratio increased significantly month-on-month. It is expected to be related to the pace of terminal delivery and personnel bonus incentives, and eventually achieved a net interest rate of 21.1%, all of which increased month-on-month.
Zhejiang Rongtai is a representative flexible target in Europe and Tesla's supply chains. With the beta being weak this year, the company's revenue side continued to grow at a year-on-year rate of more than 30%. Mainly, the company's matching demand was mainly due to car companies adding new fixed points. Alpha is obvious; with the recovery of Europe and Tesla's beta in 2025, the company's flexibility will be even more impressive. Specifically, as the company's newly built production capacity gradually climbs, it is expected that the production capacity side will maintain an average compound annual growth rate exceeding the industry; while demand resonance such as passenger car stock replacement, new vehicle support requirements, and European commercial vehicle launches drive capacity utilization to maintain a high level of capacity utilization, increasing the value of bicycles and expanding new customers to further increase profits. In addition, in the new lightweight and electrical insulation materials business that the company has expanded, customers have been successfully introduced, mass production continues to expand, and demand space for unmanned aerial vehicles has been opened up to protect high growth. At the same time, the company and overseas layout are being actively promoted, and the Thai base and Mexico base are progressing steadily, helping develop global business.
The company's net profit for 2024 and 2025 is expected to be 0.24 and 0.35 billion yuan, corresponding to PE of 31 or 21 times, and continues to be recommended.
Risk warning
1. The risk of a downturn in industry sentiment;
2. The risk that profitability falls short of expectations due to increased competition in the industry.
