Yiheda(SZ:301029) Changjiang Securities·2024-11-04 07:24Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a net profit attributable to shareholders of 328 million yuan for the first three quarters of 2024, a decrease of 27.31% year-on-year, while revenue was 1.857 billion yuan, down 15.72% year-on-year [3][4]. - In Q3 2024, the company achieved a revenue of 627 million yuan, a decline of 7.35% year-on-year, but the net profit attributable to shareholders was 106 million yuan, an increase of 0.31% year-on-year, indicating a positive trend in profitability despite declining revenue [3][4]. - The company is optimizing its industry structure, with a significant reduction in the proportion of low-margin lithium battery business, which decreased from 40% in H1 2023 to 17% in H1 2024, while the share of 3C and mobile phone revenue increased from 19% to 30% in the same period [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 1.857 billion yuan and a net profit of 328 million yuan, with a decline in both metrics compared to the previous year [3][4]. - In Q3 2024, the company’s revenue was 627 million yuan, with a net profit of 106 million yuan, showing a slight recovery in profitability [3][4]. Cost Management - The company improved its expense ratio in Q3 2024, achieving a net profit margin of 16.85%, an increase of 1.29 percentage points year-on-year, despite a slight decrease in gross margin [4][5]. Business Development - The company is enhancing its FA (Factory Automation) business, developing a comprehensive product system with 226 major categories and 3,880 subcategories, which strengthens its supply chain capabilities [5]. - The FB (Functional Business) segment saw significant growth, with revenue exceeding 156 million yuan in 2023, a year-on-year increase of 117%, indicating potential for new growth avenues [5]. Future Outlook - The report projects that the company will achieve net profits of 450 million, 550 million, and 650 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 33, 27, and 23 times [6].