HAIDA(300320) 长江证券·2024-10-29 03:12Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a significant improvement in revenue and stable profitability in the first three quarters of 2024, with total revenue reaching 2.352 billion, a year-on-year increase of 23.1%. The net profit attributable to shareholders was 117 million, up 21.0%, and the net profit excluding non-recurring items was 115 million, an increase of 29.4% [4][5]. - The third quarter alone saw revenue of 888 million, reflecting a 23.9% year-on-year growth, while the net profit attributable to shareholders was 39 million, up 26.3% [4][5]. - The company is expected to benefit from the growth in automotive and shipping products, with a gross margin of 18.1% maintained year-on-year [4][5]. Summary by Sections Financial Performance - In the first three quarters, the company achieved a gross margin of 18.1%, with a slight increase in the expense ratio to 10.6%. The sales expense ratio increased by 0.3 percentage points, while the R&D expense ratio rose by 0.6 percentage points [4][5]. - The third quarter's gross margin decreased by 2.3 percentage points to 17.1%, attributed to a high base in the same period last year [5]. Business Opportunities - The company is expanding its business into complete vehicle sealing systems, leveraging its existing customer base from sunroof sealing strips. It has begun supplying major automotive manufacturers, indicating a potential growth trajectory in this segment [5]. - The company has entered a long-term supply agreement with Longi Green Energy for its short edge frame products, with expected procurement volumes of 8GW from June 2025 to June 2027, marking the beginning of a significant growth phase for this product line [6]. Future Projections - The company forecasts net profits of 160 million and 240 million for 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 58 and 40 [6].