Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported better-than-expected performance in Q3 2024, with a significant increase in revenue and net profit, driven by the recovery in the passenger vehicle market and sustained demand from major clients [1][2] - The company's gross margin reached a historical high of 20.50%, benefiting from improved operational efficiency and cost control [1][2] - The report highlights the company's strong growth trajectory, with projected revenue increasing from 4,003 million yuan in 2023 to 11,632 million yuan by 2026, representing a compound annual growth rate (CAGR) of approximately 28% [1][2] Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved revenue of 2.114 billion yuan, a year-on-year increase of 121.40% and a quarter-on-quarter increase of 12.14% [1] - The net profit attributable to shareholders for Q3 2024 was 183 million yuan, reflecting a year-on-year growth of 901.75% [1] - The report forecasts net profit to grow from 54 million yuan in 2023 to 1.162 billion yuan in 2026, with a significant increase in earnings per share from 0.12 yuan to 2.66 yuan over the same period [1][2] Market Position and Strategy - The company is positioned as a leading player in the domestic wiring harness market, with ongoing efforts to expand into the European market and enhance automation in production lines [1][2] - The report emphasizes the company's ability to improve customer structure and profitability through precise management and data analysis, which is crucial in the labor-intensive wiring harness industry [1][2] Valuation Metrics - The report provides a valuation outlook with projected P/E ratios decreasing from 270 in 2023 to 12.6 in 2026, indicating an improving valuation as earnings grow [1][2] - The projected P/B ratio is expected to decline from 9.0 in 2023 to 4.0 in 2026, reflecting the company's strengthening financial position [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its Q3 2024 results, which exceeded expectations, with revenue of 2.11 billion yuan, a quarter-on-quarter increase of 121% and a year-on-year increase of 12%. The net profit attributable to shareholders was 183 million yuan, reflecting a quarter-on-quarter increase of 902% and a year-on-year increase of 19% [2] - The performance was driven by increased production from core customers, with significant growth in production volumes from clients such as Seres and Tesla, leading to improved capacity utilization at the company's Chongqing plant [2][3] - The gross margin for Q3 2024 reached 20.5%, a year-on-year increase of 4.0 percentage points, while the net profit margin reached a four-year high of 8.7%, benefiting from scale effects and customer compensation [3] Financial Forecasts and Valuation - The revenue forecast for 2024 has been raised to 7.72 billion yuan (previously 7.5 billion yuan), with projections for 2025 and 2026 remaining at 10 billion yuan and 12.08 billion yuan, respectively. Year-on-year growth rates are expected to be 93% for 2024, 30% for 2025, and 21% for 2026 [4] - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 636.84 million yuan, 872.12 million yuan, and 1.09 billion yuan, respectively, with year-on-year growth rates of 1,077.22% for 2024, 36.95% for 2025, and 25.13% for 2026 [4] - Corresponding P/E ratios are projected to be 22.93 for 2024, 16.75 for 2025, and 13.38 for 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Views - The company's core customer demand is strong, driving significant revenue growth. In Q3 2024, major clients such as Seris and Li Auto showed positive production demand, with output increasing by 205% and 48% year-on-year, respectively [2][3]. - Scale effects are enhancing the company's profitability, with a gross margin of approximately 20.5% in Q3 2024, up 7.8 percentage points year-on-year, and a net margin of about 8.7%, up 6.8 percentage points year-on-year [2][3]. Summary by Sections Revenue and Profitability - In Q3 2024, the company achieved revenue of approximately 2.11 billion yuan, a year-on-year increase of 121.4% and a quarter-on-quarter increase of 12.1%. The net profit attributable to shareholders was about 183 million yuan, reflecting a year-on-year increase of 901.7% and a quarter-on-quarter increase of 18.9% [1][4]. Growth Drivers - The growth path is clear, driven by three factors: customer base, production capacity, and technology. The market share of domestic brands in China's passenger car sector reached 56%, up 6.1 percentage points year-on-year. The company is positioned to benefit from the rise of domestic automotive brands [3][4]. - Technological innovations such as integrated high-voltage connectors and aluminum replacing copper are expected to optimize the company's cost structure and enhance profitability [3]. Future Projections - The company’s revenue forecasts for 2024 to 2026 are approximately 7.69 billion, 10.72 billion, and 13.37 billion yuan, representing year-on-year growth rates of 92.1%, 39.4%, and 24.7%, respectively. The net profit forecasts for the same period are approximately 622 million, 937 million, and 1.204 billion yuan, with year-on-year growth rates of 1050.3%, 50.5%, and 28.6% [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Insights - The company reported significant year-on-year growth in Q3 2024, with revenue reaching 5.532 billion yuan, up 133.71%, and a net profit of 438 million yuan, marking a substantial turnaround from losses [1]. - The gross margin for the first three quarters of 2024 improved to 17.33%, an increase of 5.55 percentage points year-on-year, while the net margin reached 7.93%, up 8.88 percentage points [1]. - The company is benefiting from strong sales from its core customer, with the sales of the Aito series reaching 109,000 units in Q3 2024, a year-on-year increase of 669.1% [3]. - The company is expanding its global footprint, having established a factory in Romania and is enhancing its overseas management and market development teams to optimize supply chain management [4]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 2.114 billion yuan, a year-on-year increase of 121.40%, and a net profit of 183 million yuan, a staggering increase of 901.75% [1]. - The company's operating expenses (excluding R&D) were reported at 4.57% of revenue, showing a decrease of 1.34 percentage points year-on-year [2]. - The financial forecast for 2024-2026 has been revised upwards, with net profit estimates now at 601.72 million yuan for 2024, 795.88 million yuan for 2025, and 1.022 billion yuan for 2026 [4][5]. Market Position and Strategy - The company is strategically positioned to capture opportunities in the international market, with plans to deploy high-standard automated production lines in its Romanian factory [4]. - The report highlights the potential for increased revenue from the newly launched model L60 by NIO, which is expected to achieve significant delivery targets in the coming months [3]. Valuation Metrics - The current market capitalization corresponds to a P/E ratio of 24 for 2024, 18 for 2025, and 14 for 2026, indicating a favorable valuation relative to expected earnings growth [4][5]. - The company's revenue is projected to grow significantly, with estimates of 7.915 billion yuan for 2024, 9.596 billion yuan for 2025, and 11.589 billion yuan for 2026, reflecting a robust growth trajectory [5][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][15]. Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 5.532 billion yuan, up 133.71% year-on-year, and net profit attributable to shareholders at 438 million yuan, up 2030.18% year-on-year [6][7]. - The third quarter of 2024 saw a record high in revenue, driven by government subsidies for vehicle scrappage and the launch of new models by car manufacturers, leading to a recovery in the passenger car market and steady growth in demand for automotive wiring harnesses [7]. - The company's gross profit margin improved to 20.50% in Q3 2024, an increase of 7.81 percentage points year-on-year, while the net profit margin reached 8.68%, up 6.76 percentage points year-on-year [7]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.114 billion yuan, a year-on-year increase of 121.40% [7]. - The net profit for Q3 2024 was 183 million yuan, reflecting a year-on-year increase of 901.75% [7]. - The company expects revenues of 7.903 billion yuan, 9.896 billion yuan, and 11.836 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 97.44%, 25.22%, and 19.61% [8]. Market Position and Strategy - The company is actively expanding its customer base and improving its product mix, particularly in the new energy vehicle market, where the revenue share from new energy vehicle wiring harnesses increased from 37.41% in 2021 to 81.16% in Q1 2024 [7]. - The company has secured high-voltage wiring harness orders expected to reach 2.0464 million sets, 2.4379 million sets, and 2.6430 million sets for the years 2024 to 2026 [7]. Valuation Metrics - As of October 28, 2024, the price-to-earnings (P/E) ratios are projected to be 20.49X for 2024, 15.76X for 2025, and 13.05X for 2026 [8]. - The earnings per share (EPS) is expected to rise from 0.12 yuan in 2023 to 1.48 yuan in 2024, 1.93 yuan in 2025, and 2.33 yuan in 2026 [8].

证券研究报告 | 季报点评 gszqdatemark 2024 10 29 年 月 日 沪光股份（605333.SH） 下游需求旺盛，盈利能力持续改善 事件：公司发布 2024 年三季报。2024 年前三季度，公司营收 55 亿元， 同比+134%；归母净利润 4.4 亿元，同比+2030%。2024Q3，公司营收 21 亿元，同比+121%，环比+12%；归母净利润 1.8 亿元，同比+902%， 环比+19%。 下游需求旺盛，业绩持续高增长。据中国网、中汽协，2024 年 Q1-Q3， 国内市场新能源汽车销量 832 万辆，同比增长 33%，其中 Q3，国内新能 源车销量 338 万辆，环比增长 18%。问界方面，24Q3 销量 11.1 万辆， 环比+17%。下游客户需求较好，带动公司 Q3 营收高增，实现环比+12%。 同时，公司积极拓展新客户，引入赛力斯、吉利极氪/极越、戴姆勒奔驰、 蔚来乐道等汽车厂商，提升客户覆盖率，保障公司未来发展。 规模效应释放，盈利能力大幅提升。2024 Q1-Q3，公司销售毛利率 17.3%， 同比+6pct，销售净利率 7.9%，同比+9pct；2024Q3，公司销售毛 ...

沪光股份（605333.SH）系列点评五 [盈利预测与财务指标 Table_Forcast] 24Q3 业绩符合预期 毛利率创历史新高 2024 年 10 月 29 日 ➢ 事件：公司发布 2024 年第三季度报告，2024 年前三季度营收 55.32 亿元， 同比+133.71%，归母净利 4.38 亿元，同比+2,030.18%，扣非后归母净利 4.23 亿元，同比+1,416.52%；其中 2024Q3 营收 21.14 亿元，同比+121.40%，环 比+12.14%；归母净利 1.83 亿元，同比+901.75%，环比+18.89%；扣非后归 母净利 1.78 亿元，同比+1,129.28%，环比+18.41%。 ➢ 24Q3 业绩符合预期 盈利能力持续改善。1）收入端： 2024Q3 营收 21.14 亿元，同比+121.40%，环比+12.14%，主要受益于下游核心客户赛力斯放量， 2024Q3 赛力斯新能源汽车销量 11.7 万辆，同比+411.20%，环比+10.54%， 问界 M9 销量 4.9 万辆，环比+5.21%；2）利润端：2024Q3 归母净利 1.83 亿 元，同比+901.7 ...

昆山沪光汽车电器股份有限公司 证券代码：605333 证券简称：沪光股份 公告编号：2024-066 （四）本次会议的召集、召开和表决程序符合有关法律、法规和《公司章程》 的规定，会议形成的决议合法有效。 二、董事会会议审议情况 经与会董事认真审议，会议审议并通过了如下议案： （一）审议通过了《关于 2024 年第三季度报告的议案》 公司《2024 年第三季度报告》的编制程序、内容、格式符合相关文件的规定， 报告内容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误 导性陈述或者重大遗漏。 第三届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 （一）昆山沪光汽车电器股份有限公司（以下简称"公司"）第三届董事会 第十次会议通知已于 2024 年 10 月 17 日通过专人送达、电话及邮件等方式通知 了全体董事。 （二）本次会议于 2024 年 10 月 28 日以现场结合通讯表决方式在昆山市张 浦镇沪光路 388 号公司四楼会议室召开。 （三）本次会议由成三荣召 ...

昆山沪光汽车电器股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：605333 证券简称：沪光股份 昆山沪光汽车电器股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|------------------|------------- ...

证券代码：605333 证券简称：沪光股份 公告编号：2024-068 昆山沪光汽车电器股份有限公司 第三届监事会第十次会议决议公告 本公司监事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 昆山沪光汽车电器股份有限公司（以下简称"公司"）第三届监事会第十次会 议通知已于 2024 年 10 月 17 日通过专人送达、电话及邮件等方式发出。公司第三 届监事会第十次会议已于 2024 年 10 月 28 日在江苏省昆山市张浦镇沪光路 388 号 四楼会议室以现场会议方式召开。本次会议由监事会主席朱雪青女士主持，应出 席监事 3 人，实际出席监事 3 人。本次会议的通知、召开和表决程序符合《中华 人民共和国公司法》、《公司章程》及《监事会议事规则》的有关规定，会议形成 的决议合法有效。 经审核，监事会认为：董事会编制和审核公司《2024 年第三季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映 了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同 ...