佛山照明：三季度经营短暂承压，拟收购智能照明企业

Investment Rating - The report maintains an "Outperform" rating for Foshan Lighting (000541 SZ) [1][3] Core Views - Foshan Lighting's Q3 2024 performance faced temporary pressure, with revenue and net profit declining [1] - The company plans to acquire a smart lighting company to strengthen its position in the smart lighting sector [1] - Traditional general lighting business is under pressure due to the real estate and consumer environment, while automotive lighting is expected to maintain rapid growth [1] Financial Performance Revenue and Profit - Q3 2024 revenue was RMB 2 10 billion, down 5 7% YoY [1] - Q3 2024 net profit attributable to shareholders was RMB 0 59 billion, down 15 9% YoY [1] - Adjusted net profit attributable to shareholders was RMB 0 39 billion, down 21 8% YoY [1] Segment Performance - General lighting domestic sales declined slightly in Q3 2024 [1] - Automotive lighting revenue grew 29 6% YoY in H1 2024, with 6 new automotive OEM customers and 10 new vehicle projects secured [1] Profitability - Q3 2024 gross margin decreased by 1 0 percentage points to 18 6% [1] - Net profit margin in Q3 2024 was 2 8%, down 0 3 percentage points YoY [1] Strategic Developments - Foshan Lighting signed a letter of intent to acquire over 50% of Qingdao Yilai Intelligent Technology, a smart lighting company with RMB 880 million revenue and RMB 37 million net profit in 2023 [1] - The company announced a new automotive lighting production project in Suzhou to enhance its market share in the automotive lighting sector [1] Financial Forecasts - Revenue is expected to grow from RMB 9 296 billion in 2024E to RMB 11 086 billion in 2026E [2] - Net profit attributable to shareholders is forecasted to increase from RMB 314 million in 2024E to RMB 456 million in 2026E [2] - EPS is projected to rise from RMB 0 20 in 2024E to RMB 0 29 in 2026E [2] Valuation Metrics - PE ratio is expected to decrease from 26 8x in 2024E to 18 5x in 2026E [2] - PB ratio is forecasted to decline from 1 31x in 2024E to 1 25x in 2026E [2] - ROE is projected to increase from 4 9% in 2024E to 6 8% in 2026E [2]