FHM(300613) 中邮证券·2024-11-04 05:01Company Overview - Latest closing price: 46.78 yuan [1] - Total shares outstanding: 231 million shares [1] - Market capitalization: 10.8 billion yuan [1] - 52-week high/low: 51.92 yuan / 25.90 yuan [1] - Debt-to-asset ratio: 24.3% [1] - P/E ratio: 42.53 [1] - Largest shareholder: Tibet Oriental Qihui Investment Co Ltd [1] Investment Rating - Stock rating: Buy (maintained) [2] Core Investment Points - Revenue in Q3 2024: 502 million yuan, up 7.7% YoY [2] - Net profit attributable to shareholders in Q3 2024: 81 million yuan, up 57% YoY [2] - End of inventory cycle for major customers, recovery in professional video processing [3] - Increasing proportion of high-end products, though growth is slow due to economic conditions [3] - Strong performance in mid-to-low-end products, which remain the company's core business [3] - Opportunities in new product lines such as industrial vision products [3] - Active layout in smart IoT, with leading market position in smart home products [3] - AI glasses identified as a potential next growth driver, with significant market potential [3] - High growth in the pre-installed automotive market, with second-generation ISP products driving expansion [3] Financial Projections - Expected revenue for 2024/2025/2026: 1.85 billion yuan / 2.1 billion yuan / 2.4 billion yuan [4] - Expected net profit attributable to shareholders for 2024/2025/2026: 260 million yuan / 310 million yuan / 410 million yuan [4] - P/E ratios for 2024-2026: 41x / 35x / 26x [4] Financial Performance - Revenue in 2023: 1.822 billion yuan, down 13.65% YoY [6] - Revenue growth expected in 2024: 1.52% [6] - Net profit attributable to shareholders in 2023: 252.49 million yuan, down 36.58% YoY [6] - Net profit growth expected in 2024: 3.14% [6] - EPS in 2023: 1.09 yuan, expected to grow to 1.78 yuan by 2026 [6] - ROE in 2023: 9.9%, expected to rise to 11.7% by 2026 [8] Industry and Market Position - Leading position in professional video processing chips, with advanced technology and design capabilities [3] - Strong competitiveness in smart home products, achieving global shipment leadership [3] - Expansion in automotive ISP products, with certifications such as AEC-Q100 and ISO 26262 [3] - Collaboration with leading consumer electronics companies in smart IoT products [3]