FHEC(688362) 民生证券·2024-10-30 21:00Investment Rating - The report maintains a "Recommend" rating for the company [4] Core Views - The company achieved revenue of RMB 2.552 billion in the first three quarters of 2024, a year-on-year increase of 56.43%, and a net profit attributable to the parent company of RMB 42 million, turning a loss into a profit [2] - In Q3 2024, the company's revenue was RMB 922 million, a year-on-year increase of 42.22%, and a quarter-on-quarter increase of 2.1% [2] - The company's gross margin in Q3 2024 was 16.54%, a year-on-year decrease of 0.38 percentage points, and a quarter-on-quarter decrease of 4.52 percentage points [2] - The company is actively expanding its product line and customer base, particularly in advanced packaging and automotive electronics [2] - The company has achieved breakthroughs in the automotive electronics field, with products certified by terminal automakers and Tier 1 suppliers [2] - The company is also making progress in the 5G RF field, with its Pamid module products achieving mass production and passing terminal customer certification [2] Financial Forecasts - The company's revenue is expected to grow from RMB 2.391 billion in 2023 to RMB 4.661 billion in 2026, with a compound annual growth rate of 18.8% [3][5] - The net profit attributable to the parent company is expected to increase from RMB -93 million in 2023 to RMB 493 million in 2026 [3][5] - The company's gross margin is expected to improve from 13.9% in 2023 to 24.31% in 2026 [5] - The company's net profit margin is expected to increase from -3.91% in 2023 to 10.57% in 2026 [5] - The company's ROE is expected to improve from -3.81% in 2023 to 15.14% in 2026 [5] Product and Market Expansion - The company is actively promoting the construction of its second-phase project to expand production capacity and improve service capabilities for existing customers [2] - The company is focusing on advanced packaging technologies such as Bumping, CP, wafer-level packaging, FC-BGA, and automotive electronics [2] - The company has established a "Bumping+CP+FC+FT" one-stop delivery capability, which can effectively shorten the delivery time and improve quality control [2] - The company is also developing Fan-out and 2.5D/3D packaging processes for SOC, CPU, and AI GPU chips [2] Valuation - The company's PE ratio is expected to decrease from 89 in 2024 to 19 in 2026 [3][5] - The company's PB ratio is expected to decrease from 3.8 in 2023 to 2.8 in 2026 [3][5] - The company's EV/EBITDA ratio is expected to decrease from 28.14 in 2023 to 9.5 in 2026 [5]