JMPT(000700)2024-11-01 01:47Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 5.25 billion yuan in the first three quarters of 2024, a year-on-year decrease of 14.2%, while the net profit attributable to shareholders was 540 million yuan, an increase of 30.5% year-on-year [1]. - The company plans to distribute a cash dividend of 2.17 yuan per 10 shares, totaling approximately 200 million yuan [1]. - The Q3 2024 performance met expectations, with a quarterly revenue of 1.7 billion yuan, down 24% year-on-year and 2% quarter-on-quarter, and a net profit of 180 million yuan, down 5% year-on-year and 15% quarter-on-quarter [1][2]. - The company is actively expanding its customer base in the new energy sector while maintaining its advantages with luxury car manufacturers, securing orders from clients such as Xiaomi and Li Auto [2]. Financial Summary - The company’s projected net profits for 2024-2026 are 630 million, 730 million, and 820 million yuan, respectively, with corresponding P/E ratios of 10, 9, and 8 times [2]. - The financial indicators for 2024E show a revenue of 9.82 billion yuan, a year-on-year growth rate of 12.6%, and a net profit of 631 million yuan, with a growth rate of 40.4% [3]. - The gross margin for Q3 2024 was 18.8%, with a year-on-year increase of 1.0% but a quarter-on-quarter decrease of 0.6% [2]. Market Position - The company operates in the automotive parts industry and has a total market capitalization of approximately 6.36 billion yuan as of October 30, 2024 [4]. - The stock price closed at 6.93 yuan on October 30, 2024, with a total share count of 918.02 million [4]. Growth Potential - The company is expected to see a revenue increase to 11.07 billion yuan in 2025 and 12.56 billion yuan in 2026, with growth rates of 12.7% and 13.5%, respectively [3]. - The company is focusing on global expansion and has secured significant contracts in the new energy vehicle sector, indicating strong growth potential [2].