KSHG(605333) 东吴证券·2024-10-31 07:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its Q3 2024 results, which exceeded expectations, with revenue of 2.11 billion yuan, a quarter-on-quarter increase of 121% and a year-on-year increase of 12%. The net profit attributable to shareholders was 183 million yuan, reflecting a quarter-on-quarter increase of 902% and a year-on-year increase of 19% [2] - The performance was driven by increased production from core customers, with significant growth in production volumes from clients such as Seres and Tesla, leading to improved capacity utilization at the company's Chongqing plant [2][3] - The gross margin for Q3 2024 reached 20.5%, a year-on-year increase of 4.0 percentage points, while the net profit margin reached a four-year high of 8.7%, benefiting from scale effects and customer compensation [3] Financial Forecasts and Valuation - The revenue forecast for 2024 has been raised to 7.72 billion yuan (previously 7.5 billion yuan), with projections for 2025 and 2026 remaining at 10 billion yuan and 12.08 billion yuan, respectively. Year-on-year growth rates are expected to be 93% for 2024, 30% for 2025, and 21% for 2026 [4] - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 636.84 million yuan, 872.12 million yuan, and 1.09 billion yuan, respectively, with year-on-year growth rates of 1,077.22% for 2024, 36.95% for 2025, and 25.13% for 2026 [4] - Corresponding P/E ratios are projected to be 22.93 for 2024, 16.75 for 2025, and 13.38 for 2026 [4]