Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company experienced a temporary decline in performance, with a revenue of 1.257 billion yuan for the first three quarters of 2024, a year-on-year decrease of 15.61%, and a net profit attributable to shareholders of 104 million yuan, down 14.08% year-on-year [1]. - Demand for data center switches is expected to grow rapidly, with customer orders likely to accelerate. The company’s switch revenue in the first half of 2024 was 644 million yuan, a year-on-year decline of 20.33%, primarily due to changes in pricing methods and intense competition leading to price reductions, although sales volume increased by 29.15% year-on-year [1][2]. - The company’s gross margin increased to 18.33% in Q3 2024, up 2.42 percentage points year-on-year, while the net profit margin was stable at 6.42%, an increase of 0.22 percentage points year-on-year [1]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 434 million yuan, a year-on-year decrease of 12.84%, but a quarter-on-quarter increase of 4.00%. The net profit attributable to shareholders was 28 million yuan, down 9.37% year-on-year and down 33.40% quarter-on-quarter [1]. - The company’s operating income for 2024 is projected to be 2.075 billion yuan, with a growth rate of -11.80% [5]. Market Position and Growth Potential - The company has made significant advancements in its data center switch products, with the introduction of 8.0T and 12.8T specifications, and has expanded its automotive business with successful mass production of T-BOX and smart control displays [2]. - The company’s net profit forecasts for 2024-2026 are 150 million yuan, 190 million yuan, and 230 million yuan respectively, with corresponding PE multiples of 40x, 32x, and 26x [2]. Cost Management and Efficiency - The company has shown improvements in cost management, with sales, management, and R&D expense ratios decreasing year-on-year, indicating effective cost control measures [1].
菲菱科思：2024年三季报点评：业绩短暂承压，静待下游需求进一步释放