嵘泰股份：原材料短期扰动全球化持续布局

国泰君安11-03

本报告导读：公司2024 年材料成本上涨叠加个别客户需求波动，盈利能力略有承压。海外布局持续推进，期待全球化订单释放。投资要点：维持增持评级，下调目标价至 26.2元。考虑下游价格竞争激烈叠加原材料价格波动，调整公司2024-2026 年的EPS 为0.99（-0.17）/1.31（-0.3）/1.58（-0.56）元，参考可比公司估值，给予2025 年20 倍PE，下调目标价至26.2 元（...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n嵘泰股份：原材料短期扰动 全球化持续布局\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-03 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024110320462995bdbeac&s=b><strong>国泰君安</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本报告导读：公司2024 年材料成本上涨叠加个别客户需求波动，盈利能力略有承压。海外布局持续推进，期待全球化订单释放。投资要点：维持增持评级 ，下调目标价至 26.2元。考虑下游价格竞争激烈叠加原材料价格波动，调整公司2024-2026 年的EPS 为0.99（-0.17）/1.31（-0.3）/1.58（-0.56）元，参考可比公司估值，给予2025 年20 倍PE，下调目标价至26.2 元（...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024110320462995bdbeac&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0264","symbol_name":"汽车制造","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024110320462995bdbeac&s=b","article_id":"2480036935","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024110320462995bdbeac&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2480036935","pubTimestamp":1730563200,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"本报告导读：公司2024 年材料成本上涨叠加个别客户需求波动，盈利能力略有承压。海外布局持续推进，期待全球化订单释放。投资要点：维持增持评级 ，下调目标价至 26.2元。原材料扰动三季度业绩，新能源客户持续放量。公司3Q24 毛利率23.5%，同减0.96pct，环减1.88pct，净利率7.1%，同减1.49pct，环减0.63pct。材料价格波动叠加项目爬坡，短期扰动毛利率，略有承压。持续布局全球化，拓展国际客户打开成长空间。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"605133":"嵘泰股份","BK0264":"汽车制造"},"translate_title":"Rongtai Co., Ltd.: Raw materials disturb globalization in the short term and continue to deploy","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"605133":1},"content_text":"本报告导读：公司2024 年材料成本上涨叠加个别客户需求波动，盈利能力略有承压。海外布局持续推进，期待全球化订单释放。投资要点：维持增持评级 ，下调目标价至 26.2元。考虑下游价格竞争激烈叠加原材料价格波动，调整公司2024-2026 年的EPS 为0.99（-0.17）/1.31（-0.3）/1.58（-0.56）元，参考可比公司估值，给予2025 年20 倍PE，下调目标价至26.2 元（原为31.07 元），维持增持评级。原材料扰动三季度业绩，新能源客户持续放量。公司公告2024 年三季报，1-9 月实现收入17.5 亿元，同增22.2%，归母净利1.3 亿元，同增9.8%，扣非归母净利1.1 亿元，同增10.7%。公司3Q24 收入6.1 亿元，同增17.1%，环减5.2%，归母净利0.4 亿元，同减4.5%，环减8.6%，扣非归母净利0.4 亿元，同减5.1%，环减9.4%。三季度个别客户出货需求波动，收入环比略减，材料成本上涨短期扰动业绩。毛利率略有承压，费用率稳中有降。公司3Q24 毛利率23.5%，同减0.96pct，环减1.88pct，净利率7.1%，同减1.49pct，环减0.63pct。材料价格波动叠加项目爬坡，短期扰动毛利率，略有承压。费用率稳中有降，公司3Q24 销售、管理、研发、财务费用率1.41%、7.96%、4.35%、1.51%，同比变动-0.49pct、-0.59pct、-0.47pct、+0.34pct，环比变动+0.05pct、+0.07pct、+0.27pct、-1.53pct。持续布局全球化，拓展国际客户打开成长空间。公司布局墨西哥和泰国产能，持续增强与全球知名的大型跨国汽车零部件供应商及新能源主机厂在全球范围内的全面、深度合作，提高客户黏性需求。海外产能投放，不断拓展国际客户，全球化加速，打开新的成长空间。风险提示：新客户拓展不及预期，海外工厂进展不及预期。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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嵘泰股份：原材料短期扰动 全球化持续布局

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嵘泰股份：原材料短期扰动全球化持续布局