云路股份：业绩符合预期，非晶新产线达产贡献成长增量

Investment Rating - The investment rating for Yunlu Co., Ltd. (688190.SH) is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 1.388 billion yuan (up 6.5% year-on-year) and a net profit attributable to shareholders of 263 million yuan (up 10.3% year-on-year) [1] - The new production line for amorphous materials, which reached full capacity in August, is expected to contribute to growth [2] - The demand for amorphous materials is driven by favorable policies and high growth in industries such as power distribution, photovoltaics, data centers, rail transportation, new energy vehicles, and home appliances [2] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.388 billion yuan, with a net profit of 263 million yuan and a non-recurring net profit of 252 million yuan [1] - In Q3 alone, the revenue was 478 million yuan (up 5% year-on-year and up 2.1% quarter-on-quarter), with a net profit of 96 million yuan (up 29.7% year-on-year and up 5% quarter-on-quarter) [1] - The company forecasts net profits of 365 million yuan, 422 million yuan, and 503 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.07%, 15.34%, and 19.42% [3][4] Market Outlook - The amorphous alloy sector is expected to benefit from the favorable market conditions for distribution transformers, while the nano-crystalline alloy and soft magnetic powder core segments are anticipated to open new growth avenues [3] - The company is positioned as a leader in the domestic amorphous alloy market, benefiting from the increasing demand in various sectors [3] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 27, 24, and 20 respectively [3] - The company’s revenue is expected to grow from 1.855 billion yuan in 2024 to 2.377 billion yuan in 2026, with corresponding year-on-year growth rates of 4.70%, 14.14%, and 12.24% [4][8]