Fangda Packaging(BJ:838163) Soochow Securities·2024-10-27 13:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 510 million yuan for Q1-Q3 2024, a year-on-year increase of 43.66%, and a net profit attributable to shareholders of 35.96 million yuan, up 18.01% year-on-year [2] - The release of variable information label production capacity and increased orders for adhesive materials are driving performance growth [2] - The postal and express delivery industry is performing well, leading to increased demand for logistics packaging products [2] - The company is entering a capacity release cycle, with significant improvements in production efficiency expected [2][3] Financial Forecasts and Valuation - The company is expected to enter a new phase of high-quality development, with revised net profit forecasts for 2024-2026 being 63 million, 84 million, and 105 million yuan respectively [3] - Corresponding EPS for these years are projected to be 0.49, 0.65, and 0.82 yuan per share, with P/E ratios of 45, 34, and 27 times respectively [3] - The total revenue forecast for 2024 is 825.43 million yuan, with a year-on-year growth rate of 65.14% [3][9]