Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has entered the mass production and delivery phase for its automotive electronics, with a significant increase in net profit attributable to the parent company by 70% in Q3 2024 [1] - The company achieved a revenue of 269 million yuan in the first three quarters of 2024, representing a year-on-year growth of 6.39%, and a net profit of 35.67 million yuan, up by 11.79% [2] - The automotive electronics segment has shown strong growth, with a revenue increase of 398.20% in H1 2024 compared to the previous year [4] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 269 million yuan and a net profit of 35.67 million yuan, with gross and net profit margins of 20.60% and 13.27% respectively [2] - The company forecasts net profits for 2024-2026 to be 46 million yuan, 56 million yuan, and 73 million yuan respectively, with corresponding EPS of 0.57 yuan, 0.70 yuan, and 0.91 yuan [2] - The company’s revenue is projected to grow from 414 million yuan in 2024 to 623 million yuan in 2026, with a year-on-year growth rate of 24.2% in 2026 [5] R&D and Capacity Expansion - In the first three quarters of 2024, the company invested 8.76 million yuan in R&D, accounting for 3.26% of its revenue, and has a total of 35 patents [5] - The company is expanding its production capacity by acquiring a 54,576.19 square meter industrial land for a new factory, which is currently under construction [5]
雅葆轩：北交所信息更新：汽车电子进入量产交付阶段，2024Q3归母净利润+70%