Furuise(300228) 西南证券·2024-10-27 09:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown rapid growth in performance, with a 21.4% year-on-year increase in revenue to 2.57 billion yuan and a 222.4% increase in net profit to 130 million yuan for the first three quarters of 2024 [1] - The demand for gas heavy trucks is on the rise, with domestic sales reaching 148,000 units, a 38% increase year-on-year, capturing 34.4% of the heavy truck market [1] - The company is actively expanding its hydrogen energy sector, developing hydrogen valves and liquid hydrogen supply systems [1] Financial Performance Summary - For Q3 2024, the company reported revenue of 950 million yuan, a 29.2% increase year-on-year, and a net profit of 43.75 million yuan, up 103.5% [1] - The gross margin and net margin for the first three quarters of 2024 were 19.8% and 6.2%, respectively, reflecting significant improvements [1] - The company expects net profits for 2024-2026 to be 170 million, 240 million, and 300 million yuan, respectively, with a compound annual growth rate of 27% [2] Business Expansion and Strategy - The company is optimizing its energy service business model, benefiting from increased efforts in developing remote gas resources in central and western China [1] - The establishment of a wholly-owned subsidiary in Brazil indicates the company's proactive approach to international market expansion [1] - The company has introduced liquid hydrogen valve products to meet market demands and is focusing on key components for fuel cell development [1]