Yiheda(SZ:301029) Soochow Securities·2024-10-30 15:01Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has reached an inflection point as the growth rate of net profit attributable to shareholders turned positive in Q3 2024, with a net profit of 106 million yuan, a year-on-year increase of 0.31% [1] - The decline in net profit was greater than the revenue decline in the first three quarters of 2024, primarily due to a decrease in gross margin and an increase in operating expense ratio [2] - The company is optimizing its downstream structure, with the revenue share from low-margin sectors like photovoltaics and new energy decreasing [3] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved total revenue of 1.857 billion yuan, a year-on-year decrease of 15.72%, and a net profit of 328 million yuan, down 27.31% year-on-year [1] - The gross margin for the first three quarters of 2024 was 35.44%, a decrease of 3.92 percentage points year-on-year [2] - The net profit margin for Q3 2024 was 16.85%, an increase of 1.29 percentage points year-on-year [2] Business Development - The company is deepening its FA (Factory Automation) business layout, having developed a comprehensive product system with 3,880 SKUs [3] - The revenue from the FB (Flexible Business) segment grew rapidly, reaching 156 million yuan in 2023, a year-on-year increase of 117% [3] - The company has improved its supply chain management capabilities, achieving a delivery rate of 96.85% in 2023, an increase of 1.8 percentage points year-on-year [3] Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised downwards to 459 million yuan, 553 million yuan, and 665 million yuan respectively [4] - The current stock price corresponds to dynamic P/E ratios of 34, 28, and 23 times for 2024, 2025, and 2026 respectively [4]