FPI(300203) 国盛证券·2024-10-29 06:13Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its future performance and market position [3][5] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue reaching 2.31 billion yuan (yoy +12.3%) and net profit attributable to shareholders of 120 million yuan (yoy +166.8%) [1] - Strategic adjustments, including business and product structure optimization, have significantly improved profitability and operational efficiency [1] - The company is focusing on high-end scientific instruments, which are expected to drive future growth [2] Financial Performance - Gross margin for the first three quarters of 2024 reached 44.4% (yoy +2.7pct), while net margin was 4.9% (yoy +15.5pct) [2] - Operating cash flow improved significantly, with a net inflow of 78.86 million yuan, an increase of 410 million yuan compared to the same period last year [2] - The company has reduced its expense ratios, with sales expense ratio at 18.8% (-3.9pct), management expense ratio at 9.1% (-1.4pct), and R&D expense ratio at 13.5% (-8.0pct) [2] Business Strategy - The company is optimizing its business layout, focusing on high-end scientific instruments and life science instruments [2] - It has stopped signing new PPP contracts and is gradually divesting from some PPP projects [2] - The company is strengthening its R&D capabilities, with several products reaching international advanced levels and achieving import substitution [3] Future Projections - Revenue is expected to grow to 3.6 billion yuan in 2024, 4.25 billion yuan in 2025, and 5.33 billion yuan in 2026 [3] - Net profit attributable to shareholders is projected to be 210 million yuan in 2024, 280 million yuan in 2025, and 420 million yuan in 2026 [3] - The company's PE ratio is forecasted to be 38.9x in 2024, 28.0x in 2025, and 18.9x in 2026 [3] Product Development - The company's subsidiary, Puyu Technology, has developed China's first quadrupole time-of-flight high-resolution mass spectrometer, which is now being marketed [3] - The high-end mass spectrometer and life science instrument product matrix is expected to accelerate the localization of high-level scientific research equipment [3] Market Position - The company is a leading domestic player in high-end analytical instruments, with several products breaking foreign monopolies [3] - Its R&D capabilities are industry-leading, and the company is expected to continue increasing its market share in the high-end analytical instrument sector [3]