Guobo Electronics (688375) Huaan Securities·2024-10-31 04:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.814 billion yuan for the first three quarters of 2024, a year-on-year decline of 35.83%, and a net profit attributable to shareholders of 306 million yuan, down 31.93% year-on-year [2] - The decline in performance is attributed to reduced revenue from T/R components and RF module businesses, but the increase in shareholding by the controlling shareholder reflects confidence in the company's long-term investment value [3] Financial Performance Summary - The company’s revenue for 2023 is projected at 3.567 billion yuan, with a year-on-year growth of 3.1%. For 2024, revenue is expected to decline by 21.5% to 2.799 billion yuan, followed by a recovery to 3.388 billion yuan in 2025 and 4.197 billion yuan in 2026 [6] - The net profit attributable to shareholders is forecasted to be 606 million yuan in 2023, decreasing to 484 million yuan in 2024, then increasing to 612 million yuan in 2025 and 775 million yuan in 2026 [6] - The projected P/E ratios for 2024, 2025, and 2026 are 64.47, 51.02, and 40.28 respectively [4] Shareholder Actions - On October 18, 2024, the controlling shareholder announced plans to increase their stake in the company over the next 12 months, indicating confidence in the company's future stability and long-term investment value [3]