裕同科技：多元化发展战略稳步推进

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 12.26 billion yuan for the first nine months of 2024, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 1.11 billion yuan, also up by 13.0% [1]. - In Q3 2024, the company achieved a revenue of 4.91 billion yuan, reflecting a year-on-year growth of 10.5%, with a net profit of 620 million yuan, up 11.4% year-on-year [1]. - The company is actively advancing its smart factory transformation domestically and expanding its overseas market presence, with new factories in the Philippines and Mexico expected to commence production by the end of the year [1]. - The company's gross margin for the first nine months of 2024 was 25.2%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin remained stable at 9.1% [1]. Financial Forecast Summary - The company is projected to achieve revenues of 17.56 billion yuan, 19.89 billion yuan, and 22.26 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 15.38%, 13.25%, and 11.89% [3]. - The net profit attributable to shareholders is expected to be 1.64 billion yuan, 1.91 billion yuan, and 2.18 billion yuan for the same years, with profit growth rates of 13.92%, 16.85%, and 13.79% [3]. - The diluted EPS is forecasted to be 1.76 yuan, 2.06 yuan, and 2.34 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 14X, 12X, and 11X [3].