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东兴证券：东兴晨报-20241024
Dongxing Securities·2024-10-24 00:05

Market Overview - The report suggests that the market has entered the initial stage of a bull market, urging investors to shift their mindset from bearish to bullish as economic recovery expectations and capital market optimism converge [1][2] - Recent policy implementations, including loan agreements for stock buybacks exceeding 10 billion yuan, have bolstered market confidence, indicating a significant support for the capital market [1][2] Company Performance - The specific company reported a revenue of 1.227 billion yuan for Q3 2024, marking a year-on-year increase of 43.63%, and a net profit of 281 million yuan, up 55.41% [5][6] - The company's chip inductor business has shown explosive growth, with a CAGR of 280.2% from 2020 to 2023, contributing significantly to overall revenue [5][6] - The company plans to raise 300 million yuan for a new high-end integrated inductor project, enhancing production capacity and product performance [5][6] Financial Metrics - The company achieved a gross margin of 40.63% and a net margin of 23.23% in Q3 2024, reflecting strong product advantages and cost control [7] - The return on equity (ROE) increased to 16.09%, indicating robust financial health and growth potential [7] Industry Trends - The metal soft magnetic powder business, a key pillar for the company, reported a revenue increase of 7.03% in H1 2024, with ongoing product upgrades receiving positive market feedback [6][7] - The report highlights the ongoing demand for metal soft magnetic materials driven by new infrastructure and AI developments, suggesting a favorable market outlook [6][7] Investment Recommendations - The report recommends focusing on low-valuation, high-dividend blue-chip companies and growth sectors such as financial IT and technology stocks in the coming weeks [1][2] - The company is expected to achieve revenues of 1.733 billion yuan, 2.296 billion yuan, and 2.794 billion yuan for 2024-2026, with corresponding net profits of 384 million yuan, 524 million yuan, and 649.7 million yuan [7]