欣旺达：Q3业绩符合预期，消费业务表现亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported Q3 results that met expectations, with strong performance in its consumer business. For the first three quarters of 2024, revenue reached 38.279 billion yuan, a year-on-year increase of 11.54%, and net profit attributable to shareholders was 1.212 billion yuan, up 50.84% year-on-year [2][6] - The third quarter revenue was 14.360 billion yuan, reflecting an 18.85% year-on-year increase and a 10.95% quarter-on-quarter increase. The net profit attributable to shareholders for Q3 was 388 million yuan, a year-on-year increase of 6.35% but a quarter-on-quarter decrease of 23.13% [2][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 38.279 billion yuan, with a year-on-year growth of 11.54%. The net profit attributable to shareholders was 1.212 billion yuan, up 50.84% year-on-year, and the non-recurring net profit was 1.163 billion yuan, increasing by 90.78% year-on-year [2][6] - In Q3 2024, the company reported a revenue of 14.360 billion yuan, a year-on-year increase of 18.85% and a quarter-on-quarter increase of 10.95%. The net profit attributable to shareholders was 388 million yuan, a year-on-year increase of 6.35% but a quarter-on-quarter decrease of 23.13% [2][6] Business Segment Performance - The consumer business showed significant improvement, with the self-supply rate of consumer battery cells exceeding 35% in the first three quarters of 2024. The company is actively promoting integrated "pack + cell" business, which is expected to enhance gross margins [8] - The company has strengthened collaborations with major domestic automotive manufacturers and is expanding partnerships with well-known international car manufacturers. The LFP battery technology has achieved industry-leading specifications, including a charging rate of 6C and an energy density of 450Wh/L [8] Earnings Forecast and Investment Recommendations - The company is expected to achieve revenues of 55.453 billion yuan, 62.339 billion yuan, and 71.840 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.86%, 12.42%, and 15.24%. The net profit attributable to shareholders is projected to be 1.671 billion yuan, 2.011 billion yuan, and 2.547 billion yuan for the same years, with corresponding growth rates of 55.25%, 20.35%, and 26.65% [9][10]