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 [2][7] Core Insights - The company's Q3 2024 net profit attributable to shareholders increased by 14% year-on-year, with the core 3C business maintaining rapid growth [2][3] - Revenue for the first three quarters of 2024 reached 3.274 billion yuan, a year-on-year increase of 0.91%, while net profit attributable to shareholders was 254 million yuan, up 10.61% year-on-year [3] - The company has adjusted its net profit forecasts for 2024-2026 due to a slowdown in order delivery, with new estimates of 425 million yuan for 2024, 534 million yuan for 2025, and 640 million yuan for 2026 [7] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 4,840 in 2023 to 5,108 in 2024, with a year-on-year growth rate of 5.54% [2][12] - Net profit (in million yuan) is expected to increase from 390.41 in 2023 to 425.31 in 2024, reflecting a year-on-year growth of 8.94% [2][12] - The latest diluted EPS is projected to rise from 0.87 in 2023 to 0.95 in 2024 [2][12] Margin and Cost Analysis - The gross margin for the first three quarters of 2024 was 34.78%, a year-on-year increase of 1.64 percentage points [4] - The net profit margin for Q3 2024 was 10.44%, up 2.05 percentage points year-on-year [4] - The company’s inventory balance as of Q3 2024 was 3.111 billion yuan, a 27.76% increase compared to the end of 2023, indicating a potential for revenue recognition in Q4 2024 [5] Strategic Outlook - The company is expected to benefit from the anticipated "replacement wave" driven by Apple's iPhone 16, which is projected to have a shipment increase to 90 million units in H2 2024 [6] - The company is accelerating its layout in the new energy and semiconductor sectors, which are expected to contribute significantly to future growth [6]