Fangda Packaging(838163) 开源证券·2024-11-03 10:46Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company reported a revenue increase of 43.66% and a net profit increase of 18.01% for the first three quarters of 2024, achieving a revenue of 510 million yuan and a net profit of 35.96 million yuan [3] - The company is in a capacity expansion phase and is actively exploring overseas markets while developing new processes, which may lead to a slight increase in sales and R&D expenses in the short term [3] - The profit forecast for 2024-2026 has been adjusted to 56 million, 78 million, and 91 million yuan respectively, with corresponding EPS of 0.44, 0.61, and 0.71 yuan [3] - The current stock price corresponds to a PE ratio of 37.9, 27.2, and 23.5 for the years 2024, 2025, and 2026 respectively [3] Financial Performance Summary - For 2024, the expected revenue is 833 million yuan, with a year-on-year growth of 66.7% [6] - The expected net profit for 2024 is 56 million yuan, with a year-on-year growth of 42.7% [6] - The gross margin is projected to be 13.8% in 2024, with a net margin of 6.7% [6] - The return on equity (ROE) is expected to be 11.9% in 2024, increasing to 14.8% by 2026 [6] Production and Market Expansion - The company has successfully trialed the first three automated production lines for variable information labels and is in the process of establishing a joint venture processing plant in North America to better serve local customers [4] - The new production project includes eight planned coating production lines, with the fourth line expected to enter trial production in 2025 [4] - The company’s products are well-received globally, with a strong reputation in the market due to its self-developed hot melt adhesive technology [5]