OLYMPIC(603920) 中泰证券·2024-10-31 10:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in the third quarter, driven by the automotive and data communication sectors, indicating a strong potential for future growth [1] - The company has established long-term partnerships with leading automotive brands and is expanding its product offerings in the automotive electronics and data communication fields [1][3] Financial Summary - Revenue for 2022 was 4,432 million, with a projected increase to 5,339 million in 2024, reflecting an 18% year-over-year growth [1] - Net profit for 2022 was 434 million, expected to rise to 681 million by 2024, indicating a 37% year-over-year growth [1] - The company's gross margin is projected to improve from 21.3% in 2023 to 26.4% in 2026 [3] Key Financial Metrics - Earnings per share (EPS) is expected to grow from 0.74 in 2023 to 1.51 in 2026 [3] - The return on equity (ROE) is projected to increase from 14.1% in 2023 to 19.2% in 2026 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 37 in 2023 to 18 in 2026, indicating a potentially more attractive valuation over time [3] Market Position and Strategy - The company has been focusing on the automotive electronics sector for years, supplying major brands such as Tesla, BMW, and Volkswagen [1] - The company is also enhancing its capabilities in the data communication sector, which is expected to become a second growth driver [1][3]