OLYMPIC(603920) 华创证券·2024-10-29 15:45Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][15]. Core Views - The company reported a revenue of 3.675 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 9.75%. The net profit attributable to shareholders was 483 million yuan, up 28.97% year-over-year [1]. - The third quarter of 2024 saw a revenue of 1.28 billion yuan, a 6.82% increase year-over-year, with net profit of 180 million yuan, reflecting a modest growth of 0.95% year-over-year [1]. - The growth in revenue is attributed to strong order demand, a recovery in the electronics industry, and the acceleration of capacity release from convertible bond projects [1]. - The company is well-positioned in the automotive and data communication sectors, with a significant focus on PCB for electric vehicles and AI applications, which are expected to drive future growth [1]. Financial Summary - For 2024, the company is projected to achieve a total revenue of 5.418 billion yuan, a growth rate of 19.9% compared to 2023. The net profit is expected to reach 665 million yuan, reflecting a growth rate of 34.3% [2]. - The earnings per share (EPS) is forecasted to be 1.00 yuan in 2024, with a price-to-earnings (P/E) ratio of 26 [2]. - The company’s total assets are projected to grow to 8.5 billion yuan by 2024, with a debt-to-asset ratio of 33.2% [5].