Fortior Technology(Shenzhen) (SH:688279) Minsheng Securities·2024-10-29 05:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 148.74 CNY [4]. Core Insights - The company achieved a revenue of 433 million CNY in the first three quarters of 2024, representing a year-on-year growth of 53.72%. The net profit attributable to the parent company was 184 million CNY, up 48.23% year-on-year, and the net profit after deducting non-recurring items was 156 million CNY, reflecting an 86.34% increase [2][3]. - The company is experiencing rapid growth in emerging sectors such as white goods, industrial applications, and automotive, with a sales increase of 86.27% in these areas compared to the same period last year. The sales proportion from traditional sectors has decreased from 70.99% in 2023 to 63.33% in 2024 [2]. - The company continues to increase its R&D investment, totaling 65 million CNY in the first three quarters of 2024, a 25.13% increase year-on-year. This investment supports the development of new engines in automotive and robotics sectors [2][3]. Financial Performance Summary - For 2024, the company forecasts net profits of 242 million CNY, 346 million CNY, and 484 million CNY for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 57, 40, and 28 [2][5]. - The company’s revenue is projected to grow at rates of 54.35% in 2024, 37.85% in 2025, and 33.9% in 2026, indicating strong growth potential [5][6]. - The gross margin is expected to remain stable around 53% over the next few years, with net profit margins projected at 38.07% in 2024 and 39.49% in 2025 [5][6].