SHBT(603009) 民生证券·2024-10-25 03:30Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 28.28 CNY per share on October 24, 2024 [4]. Core Views - The company has shown significant improvement in profitability, with a notable increase in revenue and net profit for the first three quarters of 2024. Revenue reached 1.457 billion CNY, up 9.62% year-on-year, while net profit attributable to shareholders was 61 million CNY, reflecting a 111% increase year-on-year [2]. - The company is focusing on expanding its planetary roller screw production capacity, which is expected to support future growth. An investment agreement was signed for a new production base in Jiangsu, with a total investment of 1.85 billion CNY [2]. - The company is positioned as a leader in the automotive chassis components sector, with steady growth in its core business and new product launches contributing to increased orders [2]. Financial Performance Summary - For 2024, the company forecasts revenues of 2.141 billion CNY, with a growth rate of 13.8% compared to 2023. Net profit is expected to reach 84 million CNY, a 64.5% increase [3][5]. - The earnings per share (EPS) is projected to be 0.23 CNY for 2024, with a price-to-earnings (PE) ratio of 121 [3][5]. - The gross profit margin is expected to improve, with a forecasted gross margin of 18.77% for 2024, up from 17.42% in 2023 [5].