订单落地三季度业绩高速增长。公司三季度业绩高速增长主要与公司加强与客户沟通，下游订单快速增长有关。公司核心产品电力熔断器应用到新能源汽车、风光发电和储能领域。2024 年上半年，公司熔断器在新能源车领域销售占比超六成。预计三季度新能源车领域的熔断器销售增长为公司业绩增长的核心力量。公司第三季度销售毛利率39.06%、销售净利率14.67%，分别环比回升0.42、2.82 个百分点，体现为盈利能力的环比回暖。前三季度，公司销售费用、管理费用、研发费用和财务费用分别达0.58 亿元、0.68 亿元、0.97 亿元和480.77 万元，分别同比增长11.61%、16.57%、14.25%和82.12%。除财务费用外，公司销售、管理和研发费用增速均低于营业收入增速，体现了规模效应和良好的费用控制能力。Incidents:
The company released three quarterly reports. In the third quarter, the company achieved total operating income of 0.372 billion yuan, a year-on-year increase of 41.57%, and net profit attributable to shareholders of listed companies of 0.055 billion yuan, an increase of 90.92% year on year; in the first three quarters, the company achieved total operating income of 0.966 billion yuan, an increase of 27.46% year on year; net profit attributable to shareholders of listed companies was 0.12 billion yuan, an increase of 40.40% year on year.
Comment:
Orders were placed in the third quarter, and the performance grew rapidly. The rapid increase in the company's performance in the third quarter was mainly related to the company's strengthened communication with customers and the rapid growth in downstream orders. The company's core product, power fuses, is used in the fields of new energy vehicles, wind and solar power generation and energy storage. In the first half of 2024, the company's fuses accounted for more than 60% of sales in the field of new energy vehicles. The increase in fuse sales in the NEV sector in the third quarter is expected to be the core force behind the company's performance growth. The company's third-quarter gross sales margin was 39.06% and net sales margin was 14.67%, up 0.42 and 2.82 percentage points from month to month, respectively, reflecting a month-on-month recovery in profitability. In the first three quarters, the company's sales expenses, management expenses, R&D expenses and financial expenses reached 0.058 billion yuan, 0.068 billion yuan, 0.097 billion yuan, and 4.8077 million yuan respectively, up 11.61%, 16.57%, 14.25% and 82.12%, respectively. In addition to financial expenses, the growth rate of the company's sales, management and R&D expenses is lower than the growth rate of operating income, reflecting scale effects and good cost control capabilities.
Domestic sales of new energy vehicles continued to increase, and the installed volume of new energy storage units opened up the company's power fuse market space. The company's power fuses have an early layout in the new energy vehicle, new energy wind power generation and energy storage markets, and communication markets. Among them, the NEV sector is the largest market segment for the company's power fuses. According to statistics from the China Automobile Association, from January to October 2024, domestic NEV sales volume was 8.692 million units, up 38.3% year on year; NEV exports were 1.058 million units, up 6.3% year on year. As the NEV market penetration rate increases and the country's trade-in policy progresses, domestic NEV sales have maintained a high growth rate. The company's fuse business has entered the supply chain by entering mainstream power batteries, electronic control systems and supporting manufacturers. Customers include mainstream customers such as Ningde Era, BYD, Zhongxin Aviation, Guoxuan Hi-Tech, and Huichuan Technology, which are expected to benefit from high downstream demand. According to incomplete statistics from CNESA, 13.67 GW/33.41 GWh of new domestic energy storage systems were added to be put into operation in the first half of 2024. The power scale and energy scale both increased by more than 70% over the same period last year. The company provides downstream energy storage system customers with protection solutions for different positions such as packs, high voltage boxes, PCS, etc., and develops 1500v fuse products for energy storage packs. The company's downstream customers include Ningde Times, BYD, Sunshine Power, Huawei, Everweft Lithium Energy, etc., and are expected to fully enjoy the dividends of the rapid expansion of the industry.
Maintain the company's “buy” rating. The company's net profit attributable to shareholders of listed companies in 2024, 2025, and 2026 is estimated to be 0.17 billion yuan, 0.243 billion yuan, and 291 million yuan, respectively, and the corresponding fully diluted EPS is 2.56 yuan, 3.67 yuan, and 4.39 yuan, respectively. Based on the closing price of 117 yuan/share on November 12, the corresponding PE was 45.68, 31.86, and 26.68 times, respectively. The company's valuation level is generally reasonable. Considering the good application prospects, product advantages and industry position of the company's fuse products, it is expected that the company's growth expectations will be good and the company's “buy” rating will be maintained.
Risk warning: the risk of demand fluctuations in the NEV market; the risk of increased industry competition; the risk of increased accounts receivable and a slowdown in repayments.
