洪田股份：2024年三季报点评：经营业绩稳健增长，新业务多方面有积极进展

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 30 yuan [1][3]. Core Insights - The company has shown steady growth in operating performance, with new business developments making positive progress [1]. - In the first three quarters of 2024, the company achieved a total revenue of 1.06 billion yuan, a year-on-year decrease of 30.2%, while the net profit attributable to the parent company was 85 million yuan, an increase of 40.2% year-on-year [1]. - The company is actively divesting inefficient assets, which has led to a decline in revenue but an increase in profit margins, particularly in the electrolytic copper foil equipment business [1][2]. - The company has successfully delivered composite current collector equipment and is expected to benefit from the increasing application of composite aluminum foil in batteries [2]. - The company has made significant progress in its external business expansion, including securing orders from leading clients in the LCD industry and acquiring key assets from Longzheng Vacuum [2]. Financial Summary - Total revenue for 2023 is projected at 2.24 billion yuan, with a year-on-year growth rate of 2.2%. However, a decline of 18.5% is expected in 2024, followed by a recovery with growth rates of 15.0% and 11.3% in 2025 and 2026, respectively [4]. - The net profit attributable to the parent company is forecasted to be 205 million yuan in 2023, with expected growth rates of 92.4% in 2023, 17.9% in 2024, 27.4% in 2025, and 17.3% in 2026 [4]. - Earnings per share (EPS) are projected to be 0.98 yuan in 2023, increasing to 1.16 yuan in 2024, 1.48 yuan in 2025, and 1.73 yuan in 2026 [4].