Furuise(300228) 国投证券·2024-10-25 10:23Investment Rating - The investment rating for the company is "Buy - A" with a target price of 10.53 CNY, while the current stock price is 7.29 CNY [5][7]. Core Insights - The company has achieved significant revenue growth, with a 21.43% year-on-year increase in revenue to 2.566 billion CNY and a remarkable 222.42% increase in net profit to 126 million CNY for the first three quarters of 2024 [1][2]. - The company is transitioning towards a "manufacturing + service" business model, focusing on three main areas: LNG application equipment, heavy equipment, and LNG processing and operation services [2][3]. - The company plans to expand its energy service business internationally, leveraging its successful domestic LNG processing model to enter markets in resource-rich countries [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 2.566 billion CNY, a 21.43% increase year-on-year, and a net profit of 126 million CNY, up 222.42% [1]. - In Q3 2024, the company achieved revenue of 953 million CNY, a 29.17% increase year-on-year, but a slight decrease of 0.60% quarter-on-quarter [1]. Business Development - The company is focusing on three main business areas: 1. LNG application equipment, benefiting from the rapid growth of the LNG heavy truck industry, with a penetration rate of 34.4% [2]. 2. Heavy equipment, with sufficient orders and plans to increase production capacity [2]. 3. LNG processing and operation services, aligning with national strategies to reduce energy import dependence [2]. Market Expansion - The company is shifting its focus from primarily exporting heavy equipment to promoting its LNG processing services internationally, targeting countries like Brazil, Australia, and Indonesia [3]. Revenue Projections - Revenue projections for 2024 to 2026 are 3.476 billion CNY, 4.567 billion CNY, and 5.407 billion CNY, with growth rates of 14.4%, 31.4%, and 18.4% respectively [4][8].