PPF(300258) 民生证券·2024-10-21 16:06Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a cumulative revenue of 1.47 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.5%, and a net profit attributable to shareholders of 116 million yuan, down 38.3% year-on-year [1]. - In Q3 2024, the company's revenue was 460 million yuan, a decline of 17.5% year-on-year and 8.6% quarter-on-quarter, with a net profit of 23 million yuan, down 62.4% year-on-year and 51.7% quarter-on-quarter [1]. - The decline in revenue and profit is attributed to a drop in sales from major customer Volkswagen, with global Volkswagen sales down 7.1% year-on-year [1]. - The company is expanding its product categories, including lightweight components and main reduction gears, which are expected to contribute to growth starting in 2024 [1]. - The establishment of a wholly-owned subsidiary in Thailand for electric vehicle parts is anticipated to enhance the company's global presence and reduce export tariffs and shipping cost fluctuations [1]. - The company is projected to achieve revenues of 2.22 billion, 2.80 billion, and 3.54 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 220 million, 300 million, and 390 million yuan [1][2]. Financial Summary - The company’s revenue is forecasted to grow from 2.10 billion yuan in 2024 to 3.54 billion yuan in 2026, with corresponding net profits expected to rise from 222 million yuan to 386 million yuan [5]. - The earnings per share (EPS) are projected to increase from 0.46 yuan in 2024 to 0.80 yuan in 2026, with price-to-earnings (PE) ratios decreasing from 19 to 11 over the same period [2][5].