Yiheda(301029) 国泰君安·2024-10-30 06:23Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 32.64 CNY, up from the previous 22.10 CNY [4][6]. Core Insights - The company's Q3 2024 performance met expectations, with revenue of 1.857 billion CNY (down 15.72% year-on-year) and net profit of 328 million CNY (down 27.31% year-on-year). Q3 revenue was 627 million CNY (down 7.35% year-on-year), with a slight increase in net profit of 106 million CNY (up 0.31% year-on-year) [2][4]. - The company is experiencing short-term pressure due to declining demand in the photovoltaic and lithium battery sectors, but it continues to see good growth in the 3C, semiconductor, and automotive sectors [2][4]. - Cost control measures have been effective, leading to an increase in net profit margin to 16.85% in Q3 2024 (up 1.29 percentage points year-on-year) [4]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 1.857 billion CNY, a decrease of 15.72% year-on-year, and a net profit of 328 million CNY, down 27.31% year-on-year. The Q3 revenue was 627 million CNY, with a net profit of 106 million CNY [4][5]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.76 CNY, 0.96 CNY, and 1.15 CNY respectively, down from previous estimates of 0.85 CNY, 1.03 CNY, and 1.25 CNY [4]. - The gross margin for Q3 2024 was 35.05%, with various expense ratios showing effective cost management [4].