分业务看，2024 年前三季度，公司汽车安全、汽车电子业务分别实现营收约284/127 亿元，毛利率分别约为14.0%/19.2%，其中汽车安全业务毛利率同比+2.6pct，第三季度继续保持盈利强劲增长。公司总体毛利率/净利率分别为15.59%/3.07%，同比+1.64pct/+0.96pct，盈利能力持续增强。报告期内公司持续推进降本增效，销售/管理/研发/财务费用率分别为0.97%/4.41%/4.31%/1.53%，同比-0.09pct/-0.39pct/+0.09pct/-0.05pct，整体期间费用率同比变动-0.44pct，费用管控能力增强，提高业绩增长弹性。The company released its 2024 three-quarter report, and net profit after deducting non-return to mother increased significantly
In the first three quarters of 2024, the company achieved operating income of 41.135 billion yuan, a year-on-year net profit of 0.941 billion yuan, +20.90% year-on-year, and realized net profit of 0.941 billion yuan without return to mother, +40.25% year-on-year. Looking at a single quarter, 2024Q3 achieved operating income of 14.056 billion yuan, or -1.68% year-on-year, achieving net profit to mother of 0.305 billion yuan, or +0.50% year-on-year. 2024Q3 global light vehicle production fell 4.8% year on year, and the company's performance was steady and showing strong resilience. Based on this, we maintain the company's 2024-2026 performance forecast. We expect 2024-2026 net profit of 1.455/1.94/2.368 billion yuan, corresponding EPS of 1.03/1.38/1.68 yuan/share, respectively. The PE corresponding to the current stock price is 16.3/12.2/10.0 times, respectively, maintaining the “buy” rating.
Car safety+automotive electronics two-wheel drive, profitability continues to increase
By business, in the first three quarters of 2024, the company's automobile safety and automotive electronics businesses achieved revenue of about 28.4/12.7 billion yuan respectively, with gross margins of about 14.0%/19.2%, respectively. Among them, the gross margin of the automobile safety business was +2.6 pct year-on-year, and profits continued to grow strongly in the third quarter. The company's overall gross margin/net margin was 15.59%/3.07% respectively, +1.64pct/+0.96pct year-on-year, and profitability continued to increase. During the reporting period, the company continued to promote cost reduction and efficiency. Sales/management/R&D/finance expense ratios were 0.97%/4.41%/4.31%/1.53% respectively, -0.09pct/-0.39pct/+0.05pct. The overall cost ratio changed -0.44pct year-on-year, increasing the cost control capability and increasing the flexibility of performance growth.
New order acquisition momentum is strong, and new business categories continue to expand
The company's ability to receive new orders is strong. In the first three quarters of 2024, the total lifetime value of new orders received worldwide was about 70.4 billion yuan, and there were plenty of orders in hand. Among them, the Chinese market, especially the business of independent brands/new forces, continued to increase. The amount of new domestic orders was about 31 billion yuan, accounting for about 44%, and the customer structure was continuously optimized. In the field of intelligent driving, the company has acquired new emerging businesses such as UWB technology, front-view all-in-one machines, and vehicle-road cloud integration, and has successively released intelligent driving domain controllers based on chip platforms such as Qualcomm, Horizon, and Black Sesame to accelerate the exploration of central computing unit solutions. In the field of automotive safety, the company released innovative products such as zero-gravity seat safety solutions. In the field of new energy, the company has launched a wireless charging system based on Qualcomm chips and completed research and development on Porsche models. The company continues to expand its business categories and is expected to continue to benefit.
Risk warning: Product development falls short of expectations, industry competition is fierce, and downstream demand falls short of expectations.
