Xingyu Co.,Ltd(601799) 民生证券·2024-10-27 13:15Investment 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]