Dongguan Aohai Technology (002993) 开源证券·2024-10-30 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved stable revenue growth in Q3 2024, with a total revenue of 4.546 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 27.40%. However, the net profit attributable to the parent company decreased by 13.77% year-on-year to 301 million yuan [2] - The report highlights the potential for growth driven by capacity release and recovery in downstream demand, particularly in the mobile phone and server power supply sectors [3] Financial Performance Summary - For Q3 2024, the company reported a revenue of 1.585 billion yuan, a year-on-year increase of 2.14%, but a quarter-on-quarter decrease of 0.78%. The net profit attributable to the parent company was 67 million yuan, down 49.59% year-on-year and 39.20% quarter-on-quarter [2] - The gross profit margin for Q3 2024 was 18.08%, a decrease of 3.59 percentage points year-on-year and 1.50 percentage points quarter-on-quarter [2] - The company has adjusted its net profit forecasts for 2024-2026 to 406 million, 602 million, and 781 million yuan respectively, reflecting a more competitive market environment [2] Revenue and Profit Forecasts - The company is expected to achieve revenues of 6.318 billion yuan in 2024, 7.840 billion yuan in 2025, and 9.260 billion yuan in 2026, with year-on-year growth rates of 22.1%, 24.1%, and 18.1% respectively [5] - The net profit attributable to the parent company is forecasted to decline to 406 million yuan in 2024, followed by increases to 602 million yuan in 2025 and 781 million yuan in 2026 [5] Market Outlook - The mobile phone market is projected to return to growth in 2024, which is expected to benefit the company's mobile charger business. The increasing penetration of fast charging technology is anticipated to enhance the average selling price (ASP) of the company's products [3] - In the PC sector, the integration of AI features is expected to drive demand for higher power chargers, with the company positioned as a leader in high-power supply technology [3] - The server power supply business is expected to gain momentum as the company has completed the mass production of its 2000W mainstream server power supply [3]