OPPLE(SH:603515) Tianfeng Securities·2024-10-30 10:13Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook [4] Core Views - The company reported a revenue of 5.07 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.09%, and a net profit attributable to the parent company of 620 million yuan, down 5.68% year-on-year [1] - In Q3 2024, the company achieved a revenue of 1.7 billion yuan, a decline of 13.62% year-on-year, and a net profit of 240 million yuan, down 9.69% year-on-year [1] - Despite short-term revenue pressure, the company is actively exploring various channels for growth and enhancing its long-term competitive strength [1] - The gross margin for Q3 2024 was 42.0%, an increase of 1.1 percentage points year-on-year, reflecting ongoing cost reduction and efficiency improvement initiatives [2] - The company is focusing on upgrading its product offerings and solutions in response to the industry's shift towards smart technology, while also expanding its market presence both domestically and internationally [2] Financial Summary - The company expects net profits attributable to the parent company for 2024, 2025, and 2026 to be 860 million yuan, 940 million yuan, and 1.04 billion yuan respectively [2] - The projected revenue for 2024 is 7.08 billion yuan, with a year-on-year decrease of 9.20% [6] - The company has a total A-share market capitalization of approximately 13.27 billion yuan [4] - The earnings per share (EPS) for 2024 is estimated at 1.16 yuan, with a price-to-earnings (P/E) ratio of 15.21 [6][10]