SONGYUAN(300893) 甬兴证券·2024-10-31 01:15Investment Rating - The report maintains a "Buy" rating for the company [6][14]. Core Views - The company reported strong performance in Q3 2024, with revenue of approximately 5.07 billion yuan, a year-on-year increase of about 47.08% and a quarter-on-quarter increase of about 16.54% [1]. - The company is transitioning to become an integrated supplier of automotive passive safety modules, enhancing its product offerings and customer base [3]. - The company has optimized its customer structure, targeting various segments from domestic brands to foreign brands, which is expected to drive future growth [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of approximately 13.10 billion yuan, a year-on-year increase of about 60.8%, and a net profit of approximately 1.91 billion yuan, a year-on-year increase of about 62.87% [1]. - In Q3 2024, the gross margin was approximately 29.02%, a decrease of 3.62 percentage points year-on-year, and the net margin was approximately 13.30%, a decrease of 2.39 percentage points year-on-year [2]. Customer and Market Dynamics - The company saw a sequential increase in major customers, which contributed to revenue growth [2]. - The production volume of major clients like Geely and Chery showed mixed results, with Geely down by 9.80% year-on-year and Chery up by 34.56% year-on-year in Q3 2024 [2]. Future Outlook - The company has revised its revenue expectations for 2024-2026, forecasting revenues of approximately 17.9 billion yuan, 25.3 billion yuan, and 35.2 billion yuan, representing year-on-year growth rates of approximately 40.0%, 41.4%, and 39.0% respectively [4]. - The net profit forecasts for the same period are approximately 2.8 billion yuan, 4.1 billion yuan, and 5.8 billion yuan, with year-on-year growth rates of approximately 42.5%, 44.7%, and 42.9% respectively [4].