Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company is experiencing short-term profit pressure but is diversifying its business layout. The revenue for the first three quarters of 2024 reached 384 million yuan, a year-on-year increase of 4.58%, while the net profit attributable to shareholders was 68 million yuan, a year-on-year increase of 32.84%. However, the net profit excluding non-recurring items decreased by 16.56% year-on-year [1][2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 144 million yuan, a year-on-year increase of 14.91% and a quarter-on-quarter increase of 2.86%. The net profit attributable to shareholders was 21 million yuan, a year-on-year decrease of 22.01% and a quarter-on-quarter decrease of 27.59%. The gross margin for Q3 2024 was 39.40%, down 2.54 percentage points year-on-year and 5.08 percentage points quarter-on-quarter [1][2]. Business Segments - The company focuses on three main areas: automotive, renewable energy, and industrial control connectors. In the automotive sector, it targets the mid-to-low voltage signal niche, primarily for new energy vehicles. The renewable energy segment involves connectors for solar and wind energy systems, with efforts to enhance customer loyalty in the Yangtze River Delta region. The industrial control segment is currently under pressure due to macroeconomic factors and increased competition, but the company plans to expand its application scenarios and improve production efficiency [3][2]. Future Outlook - The company is expected to achieve revenues of 530 million, 660 million, and 792 million yuan for 2024, 2025, and 2026, respectively. Corresponding net profits are projected to be 98 million, 137 million, and 168 million yuan. The price-to-earnings ratios are estimated at 44, 32, and 26 for the same years [4][6].
维峰电子：2024年三季报点评：盈利短期承压，多元布局