FiberHome(600498) 海通证券·2024-10-15 09:38Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights the company's stable growth in performance, with a continuous improvement in gross profit margin [5] - The actual controller's full participation in the private placement demonstrates confidence in the company's long-term development [5] - The company is expected to optimize its capital structure and reduce liquidity risks through the raised funds [5] Financial Summary - The company's revenue is projected to grow from 31,130 million yuan in 2023 to 53,226 million yuan in 2026, reflecting a year-on-year growth of 27.3% in 2024 and 21.6% in 2025 [7][10] - Net profit is expected to increase from 505 million yuan in 2023 to 1,040 million yuan in 2026, with a significant year-on-year growth of 35.7% in 2024 [7][10] - The earnings per share (EPS) is forecasted to rise from 0.43 yuan in 2023 to 0.88 yuan in 2026 [7][10] Business Segmentation - The communication system equipment segment is expected to grow from 23,785 million yuan in 2023 to 44,787 million yuan in 2026, with a year-on-year growth of 34.77% in 2024 [8] - The optical fiber and cable segment is projected to remain stable, with revenues of 53.87 billion yuan in 2023 and slight growth in subsequent years [8] - The data network products segment is anticipated to recover, with a projected revenue increase of 15% annually from 2024 to 2026 [8] Valuation - The report suggests a dynamic PE range of 35-40X for 2024, corresponding to a reasonable value range of 20.25-23.14 yuan per share [5] - The company's historical valuation and comparable company average valuation levels were considered in the assessment [5][9]