Investment Rating - The report maintains a "Cautious Recommend" rating for the company [5][7] Core Views - The company's Q3 2024 performance showed a decline in main business revenue by 15.61% YoY to 1.257 billion yuan, with non-GAAP net profit attributable to the parent company decreasing by 12.29% YoY to 95 million yuan [3] - However, Q3 2024 saw a 10.56% YoY increase in non-GAAP net profit attributable to the parent company to 26 million yuan, despite a 12.84% YoY decline in main business revenue to 434 million yuan [3] - The company is focusing on R&D for mid-to-high-end switches and expanding into new business areas such as automotive communication electronics [4] Financial Forecasts - Revenue is expected to be 1.806 billion yuan in 2024, 2.139 billion yuan in 2025, and 2.560 billion yuan in 2026, with growth rates of -12.97%, 18.45%, and 19.71% respectively [5][6] - Net profit attributable to the parent company is forecasted to be 138.20 million yuan in 2024, 154.50 million yuan in 2025, and 176.26 million yuan in 2026, with growth rates of -4.28%, 11.80%, and 14.09% respectively [6] - EPS is projected to be 1.99 yuan in 2024, 2.23 yuan in 2025, and 2.54 yuan in 2026, with corresponding P/E ratios of 39.38x, 35.22x, and 30.87x [5][6] Business Development - The company is upgrading its mid-to-high-end data center switches, including 200G/400G/2.0T/8.0T products, and expanding into industrial control and edge computing scenarios with new TSN industrial switches and Multi-GE (2.5G/5G/10G) switches [4] - In the automotive sector, the company has completed mass production of T-BOX for vehicle connectivity and smart control displays, and is increasing R&D investment in smart cockpits and domain controllers [4] Industry Outlook - The global network equipment market, including switches, is expected to grow, driven by digital transformation and AI [4] - The Chinese government is promoting the development of intelligent connected vehicles through pilot projects, which is expected to accelerate the integration of automotive, AI, and communication technologies [4]
菲菱科思：中高端交换机研发升级，新业务领域开拓