博众精工：2024年 三 季 报 点 评：Q3归 母 净 利 润 同 比+14%，3C核心业务维持较快增长

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's core business in 3C continues to grow rapidly, with Q3 net profit attributable to shareholders increasing by 14% year-on-year [1] - Despite a contraction in the new energy business affecting revenue levels, profit growth remains high, with a 10.61% year-on-year increase in net profit for the first three quarters of 2024 [2] - The company is expected to benefit from Apple's entry into AI, which may trigger a "replacement wave" for iPhone 16, positively impacting the company's sales [3] - The company is accelerating its layout in the new energy and semiconductor sectors, which are anticipated to contribute significantly to future growth [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 3.274 billion yuan, a year-on-year increase of 0.91%, and a net profit of 254 million yuan, up 10.61% year-on-year [2] - The gross profit margin for the first three quarters was 34.78%, an increase of 1.64 percentage points year-on-year [2] - As of the end of Q3 2024, the company's inventory balance was 3.111 billion yuan, a 27.76% increase compared to the end of 2023, indicating ongoing orders in the Apple supply chain [3] Earnings Forecast and Valuation - The report adjusts the company's net profit forecasts for 2024-2026 to 4.253 billion yuan (previously 4.920 billion), 5.340 billion yuan (previously 6.090 billion), and 6.400 billion yuan (previously 7.310 billion) respectively [3] - The current market capitalization corresponds to P/E ratios of 27, 21, and 18 times for 2024, 2025, and 2026 respectively [3] Market Data - The closing price of the stock is 25.48 yuan, with a market capitalization of approximately 11.38 billion yuan [5] - The company has a price-to-book ratio of 2.64 [5] Basic Data - The company's net asset per share is 9.65 yuan, with a debt-to-asset ratio of 51.89% [6]