流通股本（万股） 28,567.94 2024 年 10 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2024Q3 营收利润同环比高增，盈利能力优化向上 ——星宇股份（601799）2024Q3 业绩点评 事件: 2024 年 10 月 26 日，星宇股份发布 2024 年三季报：2024 年单三季度公 司实现收入 35.09 亿元，同比/环比+24.77%/+6.19%；实现归母净利润 3.83 亿元，同比/环比+21.60%/+8.96%；实现扣非归母净利润 3.71 亿元， 同比/环比+43.73%/+13.93%。 投资要点: 最近一年走势 受益于核心自主客户销量增长，公司2024Q3收入同环比均向上。收 入 端 ， 2024Q3 公 司 实 现 收 入 35.09 亿 元 ， 同 比 / 环 比 +24.77%/+6.19% ； 实 现 归 母 净 利 润 3.83 亿 元 ， 同 比 / 环 比 +21.60%/+8.96%，营收利润均实现同环比较快增长。作为自主品牌 车灯代表 ...

证券研究报告 | 公司动态点评 2024 年 10 月 27 日 星宇股份（601799.SH） 3Q24 盈利韧性超预期，看好客户结构优化+新项目放量 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------|--------|--------|--------|-------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 8,248 | 10,248 | 13,169 | 16,295 | 19,721 | | | | 增长率 yoy （ % ） | 4.3 | 24.3 | 28.5 | 23.7 | 21.0 | 股票信息 | | | 归母净利润（百万元） | 941 | 1,102 | 1,421 | 1,791 | 2,259 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 performance met expectations, with a revenue of 9.225 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27.5% [1] - The net profit attributable to the parent company for the same period was 977 million yuan, up 25% year-on-year, with a gross margin of 20% and a net margin of 10.6% [1] - The company is actively implementing cost control measures, leading to a continuous improvement in expense ratios [2] - The average selling price (ASP) of the company's products has increased by 25.4% year-on-year, indicating a successful transition to higher-value products [2] - The company is expanding its customer base and accelerating its global layout, with significant growth in clients from the new energy sector [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.509 billion yuan, a year-on-year increase of 24.8% and a quarter-on-quarter increase of 6.2% [1] - The net profit for Q3 was 383 million yuan, reflecting a year-on-year growth of 21.6% and a quarter-on-quarter increase of 9% [1] - The expense ratio for Q1-Q3 2024 was 8.72%, down 0.8 percentage points year-on-year, with Q3's expense ratio at 8.12%, down 1.17 percentage points year-on-year [2] - The company expects a compound annual growth rate (CAGR) of 24.3% for net profit attributable to the parent company from 2024 to 2026 [3] Customer and Market Expansion - The company is enhancing its customer structure, with rapid growth from clients such as Chery, Seres, Li Auto, and NIO, which is expected to bolster revenue sources [2][3] - The company is establishing a global presence, with production capacity in Serbia and new entities in Mexico and the United States to support overseas market expansion [3]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 投资要点： [Table_Summary] 维持目标价 172.23 元，维持增持评级。公司发布 2024 年三季度报 告，业绩符合预期，维持公司 2024/25/26 年 EPS 预测分别为 5.36/ 6.95/8.54 元。考虑到公司受益于行业升级，参考可比公司给予公司 2024 年约 32 倍 PE，略高于可比公司平均，维持目标价 172.23 元， 维持增持评级。 业绩符合预期，2024 年 Q3 收入利润双增长。受益于自主品牌客户 热销，2024 年 Q1-Q3 公司实现营收 92.3 亿元，同比+27.5%，归母 净利润 9.8 亿元，同比+25.0%，扣非净利润 9.3 亿元，同比+38.8%， 扣非净利润增长较快主要系车灯业务规模增长及计入非经常性损益 的政府补助同比减少所致。其中 2024 年 Q3 收入 35.1 亿元，同比 +24.8%，环比+6.2%，归母净利润 3.8 亿元，同比+21.6%，环比+9.0%， 扣非净利 3.7 亿元，同比+43.7%，环比+13.9%。 费用率同比改善，现金流改善。2024 年 Q1- ...

第一这是很很很正常的或是应该做的然后你又进一步再往提能不能提到辅料玻璃可能是产品不太一样其实玻璃我对理解啊玻璃种类其实相对还是平台件对吧他还不是他虽然说每个车的玻璃形状都不一样但是是他定制的属性没有那么强 所以这块的话我自己的判断可能要想做到单家超过70%到13%我觉得是有挑战的 但是说能不能去冲击一下百分之五十呢?这个近期我们给大家加入我们跟这个华为因为我们是战略合作嘛我们有非常频繁的这种战略共创他们就跟我们提出那个百分之五十是我们应该挑战的下一个目标但这个目标远大我们肯定是稳扎稳打先从成功率15到20、25、30这是我们至少是我们近几年的一个目标所以说想表达这么一个观点吧我们自己还是比较有信心的 根据现在从价值量的角度来讲按照最新的在国内的风浪现在能不能够到一个什么样的一个水平按照价值量因为数量就难说了就按价值量来看其实价值量都是基于一系列假设是吧各种各样的一个预估的对这块的话我们自己看目前也就是一个十五六整体拉通了十五到十七左右吧不同一个量所以说我们其实空间还蛮大的 其实我不知道大家有没有关注最近也有一些整车厂也要自己做灯这个趋势也很正常 分分合合那你看没有整车厂自己做玻璃BIB号称玻璃和轮胎不做 其他 ...

上 市 公 司 汽车 证 券 研 究 报 告 2024 年 10 月 27 日 星宇股份 (601799) ——三季报表现优异，自主东风带动公司业绩释放 | --- | --- | --- | |-------|------------------------------------|-------------------------------| | | 市场数据： | 2024 年 10 月 25 日 | | | 收盘价（元） | 148.25 | | | 一年内最高/最低（元） | 162.42/110.11 | | | 市净率 | 4.5 | | | 息率（分红/股价） | 0.81 | | 流通 | A 股市值（百万元） | 42,352 | | | 上证指数/深证成指 | 3,299.70/10,619.85 | | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : | 年 09 月 30 日 | | | | | 每股净资产（ ...

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 148.25 RMB [2] Core Views - The company's Q3 2024 revenue reached 3.509 billion RMB, a year-on-year increase of 24.77%, and a quarter-on-quarter increase of 6.19% [2] - Net profit attributable to the parent company in Q3 2024 was 383 million RMB, a year-on-year increase of 21.60%, and a quarter-on-quarter increase of 8.96% [2] - The gross profit margin in Q3 2024 was 19.94%, a year-on-year decrease of 1.15 percentage points, and a quarter-on-quarter decrease of 0.43 percentage points [2] - The company's net profit margin in Q3 2024 was 10.91%, a year-on-year decrease of 0.29 percentage points, but a quarter-on-quarter increase of 0.28 percentage points [2] - The company's revenue growth is driven by strong performance from downstream customers such as Seres, Li Auto, and Chery, as well as the launch of new projects [2] - The company is the sole supplier of front and rear lamp assemblies for the AITO M9, a flagship SUV under the Harmony Smart Drive brand, which has seen strong sales performance [2] - The company is continuously upgrading its product structure and investing in R&D, with 38 new vehicle projects in development in the first half of 2024 [2] Financial Performance - The company's revenue for the first three quarters of 2024 was 9.225 billion RMB, a year-on-year increase of 27.48% [2] - Net profit attributable to the parent company for the first three quarters of 2024 was 977 million RMB, a year-on-year increase of 25.02% [2] - Adjusted net profit attributable to the parent company for the first three quarters of 2024 was 929 million RMB, a year-on-year increase of 38.77% [2] - The company's revenue is expected to reach 12.706 billion RMB in 2024, 15.704 billion RMB in 2025, and 19.169 billion RMB in 2026 [3] - Net profit attributable to the parent company is expected to be 1.432 billion RMB in 2024, 1.872 billion RMB in 2025, and 2.380 billion RMB in 2026 [3] - The company's EPS is expected to be 5.01 RMB in 2024, 6.55 RMB in 2025, and 8.33 RMB in 2026 [3] Product and Market Analysis - The company's revenue growth is supported by the strong sales performance of the AITO M9, which sold 48,200 units in Q2 2024 and 49,600 units in Q3 2024 [2] - The company is focusing on the development of advanced lighting technologies, including DLP projection headlights, Micro LED-based HD lighting, and interactive lighting systems [2] - The company's product structure is continuously upgrading, with the average price of a single headlight increasing from hundreds to thousands of RMB due to technological advancements [2] Industry Trends - The automotive lighting industry is a high-quality segment within the automotive components sector, with continuous technological advancements driving value growth [2] - The trend towards electrification and intelligence is expected to further boost the demand for advanced automotive lighting solutions, leading to increased revenue and profitability for the company [3]

证券研究报告 | 2024年10月27日 星宇股份（601799.SH） 优于大市 单三季度净利润同比增长 22%，客户结构调整迎全新成长周期 2024Q3 公司归母净利润 3.8 亿元，同比增长 22%。公司 2024 年前三季度实 现营收 92.25 亿，同比增加 27.48%，归母净利润 9.77 亿，同比增加 25.02%。拆单季度看，2024Q3，公司实现营收 35.09 亿，同比增加 24.77%， 环比增加 6.19%，归母净利润 3.83 亿，同比增加 21.60%，环比增加 8.96%。 2024Q3，伴随存量客户持续增长叠加下游新车型项目放量（问界/享界/ 智界/极氪等），公司营收创历史新高，营收表现超越乘用车行业 27pct （乘用车产量增速同比-1.92%）。总结来说，星宇经历了 2021-2023 年 的客户转型阵痛，2024 年实现了客户结构的全面调整（从德系日系等合 资客户为主-自主品牌及新能源客户为主），进入全新成长周期。 2024Q3 净利率环比提升。2024 年前三季度，公司毛利率 20.02%，同比 -1.47pct，净利率为 10.59%，同比-0.21pct。2024 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 163.52 CNY, based on a 2024 PE valuation of 32 times [2][4]. Core Insights - The company's performance met expectations, with a revenue of 9.225 billion CNY for the first three quarters, representing a year-on-year growth of 27.5%. The net profit attributable to the parent company was 977 million CNY, up 25.0% year-on-year, and the net profit excluding non-recurring items was 929 million CNY, growing by 38.8% year-on-year [1]. - The gross margin slightly decreased to 20.1%, down 1.5 percentage points year-on-year, primarily due to customer structure adjustments. However, cash flow significantly improved, with a net cash flow from operating activities of 441 million CNY, a year-on-year increase of 638.6% [1]. - The company is actively expanding its customer base in the new energy sector and exploring overseas markets, establishing subsidiaries in Serbia, the USA, and Mexico to support global market entry [1]. Financial Summary - For 2024-2026, the forecasted EPS is 5.11 CNY, 6.53 CNY, and 7.94 CNY respectively, with adjustments made to gross margin and expense ratios [2]. - The projected revenue for 2024 is 12.409 billion CNY, with a year-on-year growth of 21.1%, and the net profit attributable to the parent company is expected to reach 1.460 billion CNY, reflecting a growth of 32.5% [7][9].

证券研究报告·公司点评报告·汽车零部件 星宇股份（601799） 2024 年三季报点评：2024Q3 业绩符合预期， 客户结构持续转型 2024 年 10 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8248 | 10248 | 13262 | 16144 | 19332 | | 同比（ % ） | 4.28 | 24.25 | 29.41 | 21.73 | 19.75 | | 归母净利润（百万元） | 941.42 | 1,102.13 | 1,441.77 | 1,828.25 | 2,251.72 | | 同比（ % ） | (0.85) | 17.07 | 30.82 | 26.81 | 23.16 | | EPS ...