Investment Rating - The report assigns a "Recommended" rating to the company, with a target price of 41.9 CNY, reflecting a potential upside of 15% from the current price of 36.33 CNY [1][3]. Core Views - The company's Q3 2024 performance shows a significant decline in net profit, down 72% year-on-year and 75% quarter-on-quarter, attributed to the impact of overseas operations and foreign exchange losses [1]. - Despite a revenue growth rate of over 40%, the company's profitability is under pressure due to increased costs associated with overseas projects and currency fluctuations [1]. - The company is expected to recover and expand its scale by 2025, driven by order releases and enhanced production capabilities in its new facilities [1]. Financial Summary - For Q3 2024, the company reported a revenue of 335 million CNY, a year-on-year increase of 40% and a quarter-on-quarter decrease of 2.9% [1]. - The gross profit margin for Q3 2024 was 22.5%, down 2.6 percentage points year-on-year and 2.0 percentage points quarter-on-quarter [1]. - The company’s net profit for 2024 is projected to be 90 million CNY, with a growth rate of 6.9%, and is expected to reach 178 million CNY by 2025, reflecting a significant increase of 97.6% [2][6]. Operational Insights - The company plans to repurchase shares worth 30 to 50 million CNY to support employee stock ownership plans, indicating confidence in long-term growth [1]. - The competitive advantages in the automotive parts sector remain intact, with a broader range of products and better production management capabilities [1]. - The company is actively expanding its customer base both domestically and internationally, including a joint venture to enhance its embedded component business [1].
福赛科技：2024年三季报点评：毛利率下行叠加汇兑持续影响，业绩承压