SONGYUAN(300893) 天风证券·2024-10-30 01:01Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Insights - The company reported a significant year-on-year revenue growth of 60.80% in the first three quarters of 2024, reaching 1.31 billion yuan, with a net profit of 191 million yuan, reflecting a 62.87% increase [1]. - The gross margin for the first three quarters of 2024 was 29.79%, a decrease of 1.90 percentage points year-on-year, attributed to the gradual ramp-up of new businesses [1]. - The company is expanding its international presence by establishing a wholly-owned subsidiary in Malaysia, with an initial investment of up to 50 million yuan, aimed at enhancing global delivery capabilities [4]. Financial Performance - In Q3 2024, the company achieved a revenue of 507 million yuan, a year-on-year increase of 47.08%, and a net profit of 67 million yuan, up 24.67% year-on-year [1]. - The company's operating expenses (excluding R&D) for Q3 2024 were 6.89% of revenue, slightly up from the previous year [2]. - The company expects to achieve net profits of 286 million yuan, 352 million yuan, and 470 million yuan for the years 2024, 2025, and 2026, respectively [4]. Customer Performance - Major customers, including Chery and Geely, have shown strong sales growth, with Geely's Q3 2024 sales increasing by 15.8% year-on-year and Chery's by 27.4% [3]. - The continued strong performance of core customers is expected to provide a solid foundation for the company's future growth [3]. Valuation Metrics - The company's projected P/E ratios for 2024, 2025, and 2026 are 26, 21, and 16 times, respectively, indicating a favorable valuation compared to expected earnings growth [4][5].