FRD(300602) Haitong Securities·2024-10-19 10:38Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company is expected to achieve revenue of approximately 3.422 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.00%. The net profit attributable to the parent company is projected to be between 103 million and 110 million yuan, reflecting a year-on-year increase of 109.74% to 124.00% [5] - The consumer electronics market is recovering, while the new energy sector faces short-term pressure. The server business is progressing steadily. The terminal business benefits from the recovery in domestic consumer electronics demand, leading to increased market share and improved profitability [5] - The company anticipates revenue growth in the coming years, with projected revenues of 5.093 billion yuan, 5.828 billion yuan, and 6.596 billion yuan for 2024, 2025, and 2026, respectively [7][10] Summary by Sections Financial Performance - For 2024, the company expects a revenue of 5.093 billion yuan, with a year-on-year growth of 17.2%. The net profit is projected to be 245 million yuan, reflecting a significant year-on-year increase of 137.8% [7][10] - The gross margin is expected to improve gradually, reaching 20.1% by 2026 [10] Business Segments - The electromagnetic shielding materials and devices segment is projected to generate 1.352 billion yuan in 2024, with a year-on-year growth of 15.00% [8] - The thermal management materials and devices segment is expected to see revenue of 2.166 billion yuan in 2024, with a year-on-year growth of 25.00% [8] Market Comparison - The company's stock has shown a relative performance of 22.8% over the last three months compared to the market index [3][4]