FARATRONIC(600563) KAIYUAN SECURITIES·2024-10-31 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year revenue increase of 19.77% to 34.39 billion yuan for the first three quarters of 2024, with a net profit of 7.75 billion yuan, up 8.43% year-on-year [2] - In Q3 2024, the company achieved a revenue of 13.22 billion yuan, representing a year-on-year increase of 46.92% and a quarter-on-quarter increase of 16.26% [2] - The company maintains a competitive advantage in the film capacitor industry, supported by continuous R&D investment and product innovation [2][3] Financial Performance Summary - For Q3 2024, the company reported a gross profit margin of 34.16%, down 4.34 percentage points year-on-year, and a net profit margin of 22.13%, down 2.80 percentage points year-on-year [2] - R&D expenses for Q3 2024 were 0.47 billion yuan, an increase of 3.18% year-on-year and 24.06% quarter-on-quarter [3] - The company forecasts net profits for 2024-2026 to be 11.69 billion yuan, 13.72 billion yuan, and 16.60 billion yuan respectively, with corresponding P/E ratios of 21.8, 18.6, and 15.4 [2] Company Strategy - The company plans to invest up to 1 billion yuan to establish a wholly-owned subsidiary in Hungary, enhancing its overseas presence and market engagement [4] - The company has developed a unique supply chain for materials and equipment through collaboration and innovation, allowing it to meet market demands effectively [3]