圣邦股份：3Q24业绩同比向好，需求逐步转好

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 2.445 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 29.96%. The net profit attributable to shareholders reached 285 million yuan, up 100.57% year-on-year, while the net profit excluding non-recurring items was 249 million yuan, reflecting a 165.77% increase year-on-year [1] - The gross margin improved year-on-year, with a gross margin of 52.17% for the first three quarters of 2024, an increase of 1.63 percentage points. The gross margin for Q3 2024 was 51.88%, up 2.87 percentage points year-on-year [2] - The company continues to advance new product development, launching several new products recently. The demand in the industry is gradually improving, particularly in the automotive sector, which is expected to drive long-term performance recovery for the company [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 868 million yuan, a year-on-year increase of 18.52% and a quarter-on-quarter increase of 2.48%. The net profit excluding non-recurring items was 90 million yuan, up 102.65% year-on-year but down 15.96% quarter-on-quarter [1][2] - The company’s management and sales expense ratios for the first three quarters of 2024 were 3.26% and 7.39%, respectively, both showing a decrease of 0.4 percentage points year-on-year [2] - The company’s net profit forecast for 2024-2026 is 405 million yuan, 612 million yuan, and 793 million yuan, respectively, with year-on-year growth rates of 44.21%, 51.06%, and 29.60% [3][4]