Avary Holding(SZ:002938)2024-10-13 06:07Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [7][9]. Core Insights - In September 2024, the company reported a revenue of 4.012 billion yuan, a year-on-year increase of 5.12%. For Q3 2024, revenue reached 10.361 billion yuan, reflecting a 16% year-on-year growth [7][9]. - The company has initiated a restricted stock incentive plan, granting 9.4699 million shares to 381 core technical personnel, with a grant price of 17.70 yuan per share [8]. - The company continues to lead the PCB industry, being ranked as the largest PCB manufacturer globally for seven consecutive years [8]. Financial Performance Summary - Total revenue for 2023 was 32.066 billion yuan, with a projected increase to 35.259 billion yuan in 2024, representing a 10% year-on-year growth [7][10]. - The net profit attributable to the parent company is expected to rise from 3.287 billion yuan in 2023 to 4.002 billion yuan in 2024, marking a 21.7% increase [7][10]. - The company's gross margin is projected to improve from 18.0% in 2024H1 to 22.9% in 2024E [7][10]. Business Expansion and New Ventures - The company is actively expanding into emerging sectors, including automotive PCBs, AI servers, and low-orbit satellites, with significant investments in new product development [8][9]. - The company has completed the construction of a 150,000 square foot automotive battery board project and is now supplying battery manufacturers [8]. - The company is enhancing its overseas production capacity with projects in Thailand and Kaohsiung, aiming to strengthen its competitiveness in high-end HDI and SLP [9].