Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has demonstrated steady business development and is continuously advancing its global layout, with a revenue of 700 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 6% [1]. - The net profit attributable to the parent company for the same period reached 160 million yuan, up 9% year-on-year [1]. - In Q3 2024, the company reported a revenue of 240 million yuan, which is a 9% increase quarter-on-quarter but a 9% decrease year-on-year [1]. - The company is well-positioned in the automotive supply chain, serving major clients such as BMW, Honda, and BYD, and has established production bases in various locations including the US and Thailand [1]. Financial Performance - For Q1-Q3 2024, the company's gross margin was 35.6%, a decrease of 0.5 percentage points year-on-year, while the net profit margin was 23.2%, an increase of 0.6 percentage points year-on-year [2]. - In Q3 2024, the gross margin was 33.9%, down 3 percentage points year-on-year, and the net profit margin was 19.9%, down 2 percentage points year-on-year [2]. - The financial expenses for Q3 2024 amounted to 860,000 yuan, a significant increase from the previous quarter, primarily due to foreign exchange losses [2]. Growth Prospects - The company is capitalizing on the growing demand for ADAS intelligent cleaning systems and has made significant advancements in the development of humanoid robots, which are expected to open new market opportunities [3]. - The forecasted net profits for 2024-2026 are 220 million, 270 million, and 350 million yuan respectively, corresponding to PE ratios of 26, 22, and 17 times [3]. Financial Metrics - The projected revenue for 2024 is 988 million yuan, with a growth rate of 7% year-on-year, and the net profit is expected to be 222 million yuan, reflecting a 10% year-on-year increase [4]. - The earnings per share (EPS) for 2024 is estimated at 2.78 yuan, with a net asset return rate of 17.3% [4]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 28.6 in 2023 to 26.0 in 2024, indicating a favorable valuation trend [4].
恒帅股份：业务稳健发展，持续推进全球化布局