FARATRONIC(600563) Caixin Securities·2024-11-04 11:00Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company's profitability has significantly improved, with a revenue of 3.439 billion yuan in the first three quarters, representing a year-on-year increase of 19.77%. The net profit attributable to shareholders reached 775 million yuan, up 8.43% year-on-year [3][4] - The high demand in the new energy vehicle sector continues to drive growth, with domestic sales of new energy vehicles increasing by 32.5% year-on-year in the first three quarters of 2023 [4][5] - The company is a leading player in the global film capacitor market, and its performance is expected to continue growing due to the sustained high demand in the new energy vehicle sector [5][6] Financial Summary - The company achieved a revenue forecast of 4.724 billion yuan for 2024, with a projected net profit of 1.131 billion yuan, corresponding to an EPS of 5.03 yuan [6][7] - The gross profit margin for the first three quarters was 34.11%, a decrease of 4.58 percentage points year-on-year, primarily due to the rapid growth of lower-margin automotive capacitor business [4][5] - R&D expenses reached 122 million yuan in the first three quarters, an increase of 11.28% year-on-year, indicating a strong focus on innovation [4][5]