Fuanna(002327) Tianfeng Securities·2024-10-27 09:15Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][3]. Core Insights - The company reported Q3 2024 revenue of 580 million, a decrease of 11.2% year-on-year, and a net profit attributable to shareholders of 75 million, down 40.8% year-on-year [1]. - For the first three quarters of 2024, the company achieved a revenue of 1.89 billion, a decrease of 2% year-on-year, and a net profit of 290 million, down 15.3% year-on-year [1]. - The company has implemented nine stock incentive plans, covering 1860 participants, to enhance employee motivation and core competitiveness [1]. - Due to external uncertainties and Q3 performance, the revenue forecast for 2024-2026 has been adjusted to 3.1 billion, 3.3 billion, and 3.4 billion respectively, with net profits of 540 million, 570 million, and 610 million [1][3]. Financial Data and Valuation - The company's revenue for 2024E is projected at 3.09 billion, with a growth rate of 2.1% [4]. - The net profit attributable to shareholders for 2024E is estimated at 537 million, reflecting a decrease of 6.13% [4]. - The company’s P/E ratios for 2024E, 2025E, and 2026E are projected to be 13.94, 13.05, and 12.32 respectively [4][10]. - The gross margin for the first three quarters of 2024 is reported at 55.2%, an increase of 0.6 percentage points year-on-year [1].