FRD(300602) 华鑫证券·2024-10-21 13:00Investment Rating - The report maintains a "Buy" rating for Feirongda (300602 SZ) [3][4] Core Views - Feirongda's Q3 2024 profit performance is in line with expectations, with significant growth in both consumer electronics and communication sectors [3][4] - The company's revenue for the first three quarters of 2024 is expected to reach approximately 3 422 billion yuan, a year-on-year increase of 17% [4] - Net profit attributable to the parent company for the first three quarters of 2024 is projected to be between 103 million yuan and 110 million yuan, representing a year-on-year growth of 109 74% to 124% [4] Business Performance Consumer Electronics - The company benefits from the recovery in domestic consumer electronics demand, with increased market share and shipment volumes for mobile phones and laptops, leading to improved gross margins and profitability [4] Communication Sector - Feirongda has increased its market share in the communication sector, with released capacity and significantly improved gross margins, resulting in a year-on-year increase in profitability [4] New Energy Business - The company is actively expanding its new energy vehicle business, enhancing product competitiveness, and experiencing continuous growth in order volumes However, gross margins in the new energy sector have declined due to rising raw material prices, new customer onboarding, and new project sampling [4] - Orders for photovoltaic inverters and energy storage businesses have declined due to market conditions, with revenue falling short of expectations [4] Financial Forecasts - The company's net profit attributable to the parent company is forecasted to be 231 million yuan, 349 million yuan, and 456 million yuan for 2024, 2025, and 2026, respectively [4] - EPS is expected to be 0 40 yuan, 0 60 yuan, and 0 79 yuan for 2024, 2025, and 2026, respectively [4] - The current stock price corresponds to PE ratios of 55, 37, and 28 times for 2024, 2025, and 2026, respectively [4] Market Strategy - Feirongda focuses on major clients such as Huawei, Sungrow, Meta, Microsoft, and Lenovo, concentrating on core products like thermal management and electromagnetic shielding, and actively expanding product categories and customer base [4] - The company is strengthening its core competitiveness and exploring new areas such as liquid cooling [4]