双林股份：三季报表现亮眼，毛利率同环比提升

Investment Rating - The investment rating for the company is "Buy" based on the strong performance in the third quarter and the expected growth in net profit [1]. Core Views - The company reported a revenue of 3.24 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.3%. The net profit attributable to shareholders reached 370 million yuan, up 274.0% year-on-year [1]. - The gross margin improved to 21.3%, an increase of 3.3 percentage points year-on-year, while the net profit margin was 10.4%, up 7.3 percentage points year-on-year [1]. - The electric drive business is seeing growth due to increased self-manufacturing rates and a higher proportion of high-margin products [1]. - The company is expanding its market share in the electromechanical sector, particularly in seat motors, and has successfully passed audits from major clients [1]. - The company is also investing in overseas production facilities and new energy projects, which are expected to contribute to future growth [1]. Financial Summary - For 2024, the company is projected to achieve a net profit of 490 million yuan, with an EPS of 1.22 yuan, corresponding to a P/E ratio of 17 times [2]. - The revenue is expected to grow from 4.65 billion yuan in 2024 to 6.22 billion yuan in 2026, with a compound annual growth rate of approximately 17.9% [3]. - The gross margin is forecasted to improve gradually, reaching 21.2% by 2026 [3].