扬声器基本盘稳健 汽车电子产品快速放量。2024H1，扬声器营收9.42 亿元，同比+20.25%，收入占比76.08%，同比-5.20pct；功放营收2.07 亿元，同比+58.24%，占比16.70%，同比+3.14pct；AVAS 营收0.59 亿元，同比+62.41%，占比4.75%，同比+0.99pct。2024H1，公司持续加大研发投入，不断巩固在车载扬声器方面的既有优势，同时着力研发成长中的汽车电子和声学应用软件，扬声器营收稳健增长，功放、AVAS 产品快速放量。Event: The company released its report for the third quarter of 2024, with revenue of 1.994 billion yuan, +25.16%; net profit to mother of 0.19 billion yuan, +166.25% year over year; net profit after deduction of 0.148 billion yuan, +38.01% year over year; of which 2024Q3 revenue was 0.756 billion yuan, +20.09% year on month, +17.98% month on month; net profit to mother 0.078 billion yuan, +116.88% year over year , +47.11% month-on-month; net profit after deduction of 0.059 billion yuan, +70.77% year-on-year, +25.91% month-on-month.
Rapid revenue growth, cost reduction and efficiency continued to advance: 1) Revenue side: 2024Q3 revenue 0.756 billion yuan, +20.09% year over year and +40.75% month over month. 2024Q3, among the company's major customers, ideal sales volume +45.40% YoY, NIO's sales volume +11.59% YoY, +7.81% month-on-month, Cyrus sales +587.94% YoY, +13.25% month-on-month, driving rapid revenue growth; 2) Profit side: 2024Q3 net profit of 0.078 billion yuan, YoY +47.11%; net profit after deducting 0.059 billion yuan YoY, +70.77% month-on-month, +25.91% month-on-month . The gross margin of 2024Q3 reached 28.79%, +3.97pct year on year and +3.89pct month-on-month, the highest value in a single quarter since '22. The net profit margin reached 10.33%, +4.61 pct year on year and +2.05 pct month on month. Gross margin increased significantly year-on-month, mainly due to stable raw material prices and an increase in overall product margin. Net profit growth rate attributable to mother was significantly higher than deducted, mainly due to confirmation of government subsidies of 0.022 billion yuan; 3) Expense side: 2024Q3 sales/management/R&D/finance cost rates were 0.92%/6.94%/6.38%/1.92%, respectively, -0.23/-0.28/+0.30/ -0.53 pct year-on-year, respectively, +0.28/-0.51/+0.68/+1.62 pct, respectively.
The financial expense ratio increased month-on-month, and we expect it to be mainly due to exchange losses.
The basic speaker panel is robust and quickly discharges automotive electronics. 2024H1, speaker revenue was 0.942 billion yuan, +20.25%, revenue accounted for 76.08%, year-on-year -5.20pct; amplifier revenue was 0.207 billion yuan, +58.24% year over year, accounting for 16.70%, +3.14pct year on year; AVAS revenue was 0.059 billion yuan, +62.41% year on year, accounting for 4.75%, +0.99pct year on year. 2024H1, the company continues to increase investment in R&D, continuously consolidating its existing advantages in automotive speakers, while focusing on developing and growing automotive electronics and acoustic application software. Speaker revenue is growing steadily, and amplifiers and AVAS products are being rapidly deployed.
Production expansion projects are progressing steadily, and the pace of going overseas continues to accelerate. The company continues to promote the transformation of automated production lines and the construction of new product production lines in the Czech Republic and Mexico, enhance the delivery capacity of overseas bases, and welcome the implementation of more overseas projects locally to follow the pace of Chinese car manufacturers going overseas and reduce supply chain risks. The new factory in Hefei has basically completed the infrastructure work of the plant and furnished houses. This year, it will achieve trial production and small-batch delivery of some products, further enhance the company's production capacity and process level, and enrich the layout of domestic production bases.
Investment advice: As a leader in autonomous vehicle speakers, the company continues to benefit from electric intelligence trends and changes in procurement systems. We expect the company's 2024-2026 revenue of 2.811/3.495/4.41 billion yuan, net profit to mother of 0.28/0.354/0.454 billion yuan, and EPS of 1.75/2.21/2.84 yuan. Corresponding to the closing price of 30.50 yuan/share on October 30, 2024, PE was 17/14/11 times, respectively, maintaining the “recommended” rating.
Risk warning: Industry prosperity falls short of expectations; customer growth falls short of expectations; fluctuating raw material prices, etc.
