Furja(SH:603219) Tianfeng Securities·2024-10-27 09:15Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has experienced a decline in revenue and net profit in the first three quarters of 2024, with revenue at 1.858 billion yuan, down 2.23% year-on-year, and net profit at 145 million yuan, down 25.62% year-on-year [1] - The company is actively expanding its overseas production capacity and investing in new products and categories to ensure business sustainability and mitigate market uncertainties [2] - Profitability has been pressured due to rising costs and expenses, with a gross margin of 17.06% and a net margin of 7.66% for the first three quarters of 2024, both showing year-on-year declines [3] Financial Performance Summary - For Q3 2024, the company reported revenue of 840 million yuan, a decrease of 9.14% year-on-year, and a net profit of 38 million yuan, down 56.83% year-on-year [1] - The gross margin for Q3 2024 was 13.8%, down 5.52 percentage points year-on-year, while the net margin was 4.33%, down 5.41 percentage points year-on-year [3] - The company’s operating expenses have increased, with sales, management, R&D, and financial expense ratios rising compared to the previous year [3] Future Outlook - The company’s clean appliance OEM business remains stable, and the gradual development of new business lines such as cleaning machines and commercial beauty devices is diversifying its revenue structure [3] - If the energy storage business can scale up, it is expected to contribute positively to revenue growth in the future [3] - The forecast for net profit for 2024-2026 has been adjusted to 220 million, 260 million, and 310 million yuan respectively, with corresponding P/E ratios of 32.6x, 28.0x, and 23.6x [3]