FHEC(SH:688362) Huajin Securities·2024-11-04 14:18Investment Rating - The investment rating for the company is maintained at "Add-A" [1][3]. Core Views - The company has turned profitable in the first three quarters of 2024, with a net profit of 42 million yuan, a significant improvement compared to a loss of 120 million yuan in the same period of 2023 [1][3]. - The revenue for the first three quarters of 2024 reached 2.552 billion yuan, representing a year-on-year growth of 56.43% [1][3]. - The gross margin has improved to 17.48%, an increase of 3.41 percentage points year-on-year [1][3]. - The company is actively expanding its product lines in advanced packaging and automotive electronics, enhancing its one-stop delivery capability [1][3]. - The company has increased its R&D investment, reaching 93.9843 million yuan in the first half of 2024, accounting for 5.77% of its revenue [1][3]. Financial Performance - The company's revenue is projected to grow significantly, with estimates of 3.525 billion yuan in 2024, 4.383 billion yuan in 2025, and 5.562 billion yuan in 2026, with growth rates of 47.5%, 24.3%, and 26.9% respectively [3][4]. - The net profit is expected to reach 83 million yuan in 2024, 191 million yuan in 2025, and 332 million yuan in 2026, with growth rates of 188.4%, 132.0%, and 73.3% respectively [3][4]. - The gross margin is anticipated to improve to 22.5% in 2024, 24.5% in 2025, and 26.2% in 2026 [4][5]. Market Position and Strategy - The company is focusing on high-end advanced packaging and automotive electronics, with a strategic emphasis on expanding its customer base, including major clients in Taiwan [1][3]. - The company has established a comprehensive delivery capability for its "Bumping+CP+FC+FT" services, which enhances its competitiveness in the market [1][3]. - The company is actively pursuing new product lines and technologies, including fan-out packaging and 2.5D/3D packaging, to strengthen its market position [1][3].