FARATRONIC(SH:600563) Minsheng Securities·2024-11-01 13:49Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company has shown strong performance in Q3 2024, with revenue reaching 1.322 billion yuan, a year-on-year increase of 46.92% and a quarter-on-quarter increase of 16.26%, marking a new quarterly revenue high since Q2 [3]. - The company's net profit for Q3 2024 was 293 million yuan, up 31.04% year-on-year and 9.93% quarter-on-quarter, indicating stable profitability and effective cost control [4]. - The company is a leader in the thin-film capacitor segment, with over 50% of its revenue coming from the new energy vehicle sector, which is a major driver of its performance [5][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 3.439 billion yuan, a year-on-year growth of 19.77%, and a net profit of 775 million yuan, up 8.43% year-on-year [3]. - The gross margin for the first three quarters of 2024 was 34.11%, and the net margin was 22.54%, with slight declines due to revenue structure changes [4]. - The company forecasts revenues of 4.848 billion yuan, 6.081 billion yuan, and 7.742 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 25.0%, 25.4%, and 27.3% [6][9]. Future Projections - The projected net profit for 2024, 2025, and 2026 is 1.163 billion yuan, 1.443 billion yuan, and 1.784 billion yuan, with growth rates of 13.6%, 24.1%, and 23.6% respectively [6][9]. - The company is expected to maintain a stable financial position with a projected PE ratio of 24x, 19x, and 16x for the years 2024, 2025, and 2026 [6][9].