SHBT(603009) 财通证券·2024-11-20 08:23Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company's 3Q2024 revenue reached 487 million yuan, a year-on-year increase of 1.72% [3] - Net profit for 3Q2024 was 25 million yuan, a significant year-on-year increase of 171.96% [3] - Non-GAAP net profit for 3Q2024 was 18 million yuan, up 102.56% year-on-year [3] - Gross margin for 3Q2024 improved to 20.84%, an increase of 2.74 percentage points year-on-year and 1.47 percentage points quarter-on-quarter [3] - Net profit margin for 3Q2024 rose to 5.20%, up 3.25 percentage points year-on-year and 0.79 percentage points quarter-on-quarter [3] Financial Performance - The company has achieved high year-on-year net profit growth for four consecutive quarters [4] - 4Q2023: 22 million yuan, up 383.10% year-on-year - 1Q2024: 17 million yuan, up 202.28% year-on-year - 2Q2024: 21 million yuan, up 69.67% year-on-year - 3Q2024: 25 million yuan, up 171.96% year-on-year - Operating expenses for 3Q2024: - Sales expense ratio: 3.20%, up 0.07 percentage points quarter-on-quarter - Management expense ratio: 5.41%, up 0.76 percentage points quarter-on-quarter - R&D expense ratio: 5.68%, up 0.09 percentage points quarter-on-quarter - Financial expense ratio: 1.23%, down 0.40 percentage points quarter-on-quarter [4] Expansion and Growth Opportunities - The company is investing 1.85 billion yuan to establish a planetary roller screw R&D and production base in Kunshan, Jiangsu [4] - The new facility will cover approximately 140 acres and be constructed in two phases [4] - This expansion is expected to commercialize and scale up the company's robotics-related technologies and products [4] Financial Projections - Revenue forecasts: - 2024E: 2.03 billion yuan - 2025E: 2.25 billion yuan - 2026E: 2.74 billion yuan [6] - Net profit forecasts: - 2024E: 83 million yuan - 2025E: 114 million yuan - 2026E: 189 million yuan [6] - EPS forecasts: - 2024E: 0.25 yuan - 2025E: 0.34 yuan - 2026E: 0.56 yuan [6] - PE ratios: - 2024E: 123.51 - 2025E: 90.17 - 2026E: 54.15 [6] Valuation Metrics - ROE projections: - 2024E: 4.98% - 2025E: 6.39% - 2026E: 9.62% [6] - PB ratios: - 2024E: 6.15 - 2025E: 5.76 - 2026E: 5.21 [6]