Xi'an Actionpower Electric (SH:688719) KAIYUAN SECURITIES·2024-10-25 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced steady revenue growth in the first three quarters of 2024, achieving an operating income of 594 million yuan, a year-over-year increase of 15.1%. However, the net profit attributable to shareholders has declined significantly by 60.3% year-over-year to 35 million yuan due to multiple factors affecting short-term profitability [2][3] - The company is increasing its investment in R&D for new products in the precision testing power supply sector to maintain competitiveness amid intensified industry competition [2][3] - The company has launched or upgraded several series of programmable power supplies and continues to iterate its automation testing platform software, achieving breakthroughs in performance indicators and power levels [2][3] Financial Summary - For the first three quarters of 2024, the company reported a net profit of 35 million yuan, down 60.3% year-over-year, with a non-recurring net profit of 26 million yuan, down 70.5% year-over-year. R&D expenses increased by 74.9% to 62 million yuan [2][3] - The company's revenue is projected to grow from 1.09 billion yuan in 2024 to 2.32 billion yuan in 2026, with a year-over-year growth rate of 32.2% in 2024 and 41.4% in 2026 [4][5] - The projected net profit for 2024-2026 is 75 million yuan, 208 million yuan, and 279 million yuan respectively, with corresponding EPS of 0.65 yuan, 1.80 yuan, and 2.42 yuan [4][5] Market Position and Strategy - The company is actively expanding its presence in the semiconductor and general semiconductor process power supply sectors, with its RF power supply products achieving performance metrics comparable to leading international brands [3] - The company is focusing on product development in various application scenarios, including PVD, CVD, etching, and stripping processes, to enhance its product portfolio [3]