Topband(002139) 中邮证券·2024-11-04 09:31Investment Rating - The report upgrades the investment rating to "Buy" for the company [2][5]. Core Insights - The company reported a revenue of 7.7 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 21.04%, with a net profit of 552 million yuan, up 46.71% year-on-year [2][3]. - The revenue growth rate has been consistently increasing quarter-on-quarter, with Q3 showing a 27.49% year-on-year increase [3]. - The company is benefiting from the recovery in the controller industry, with all four major segments (tools, home appliances, new energy, and industrial) showing revenue growth [3]. - The company is expanding its international operations, with significant growth in production capacity in overseas bases such as Vietnam and India [3]. - The gross margin and net margin for the first three quarters of 2024 were 23.71% and 7.18%, respectively, both showing improvements year-on-year [4]. - The company is expected to achieve net profits of 722 million yuan, 924 million yuan, and 1.124 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19, 15, and 12 [5]. Financial Summary - For 2023, the company is projected to have a revenue of 8.992 billion yuan, with a growth rate of 1.32% [8]. - The EBITDA for 2024 is estimated at 1.042 billion yuan, with a net profit of 722 million yuan, reflecting a growth rate of 40% [8][10]. - The company’s earnings per share (EPS) is expected to increase from 0.41 yuan in 2023 to 0.58 yuan in 2024 [10].