鸿日达：2024年三季报点评报告：行业复苏收入稳增，主营业务盈利水平提升

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The recovery in the consumer electronics industry has driven the company's main business growth, with stable revenue from connector products. The company achieved a revenue of 644 million yuan in the first three quarters of 2024, representing a year-on-year increase of 27.57%. However, the net profit attributable to the parent company for the third quarter saw a decline of 33.34% year-on-year [1][2] - The company's main business profitability has improved significantly, with a notable increase in net profit excluding non-recurring gains and losses, which grew by 136.9% year-on-year in the first three quarters. The company continues to solidify its position as a key supplier for leading domestic wearable brands [1][4] Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 644 million yuan, up 27.57% year-on-year - Net profit attributable to the parent company: 30 million yuan, up 21.01% year-on-year - Third-quarter revenue: 254 million yuan, up 23.41% year-on-year - Third-quarter net profit attributable to the parent company: 10 million yuan, down 33.34% year-on-year [1][2] - The company’s sales and management expenses increased by 32.30% and 85.54% respectively, while financial expenses rose by 50.12% due to increased bank loans [1][4] - The company’s inventory reached 1.05 billion yuan, a year-on-year increase of 43.15%, and prepayments increased by 729.03% year-on-year [1][4] Earnings Forecast - The company’s revenue is projected to grow from 721 million yuan in 2023 to 888 million yuan in 2024, with a growth rate of 23.21%. The net profit is expected to increase from 31 million yuan in 2023 to 50 million yuan in 2024, reflecting a growth rate of 61.78% [2][4] - The earnings per share (EPS) is forecasted to be 0.24 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 96.8 times, 38.2 times, and 27.5 times for 2024, 2025, and 2026 respectively [2][4] Comparable Company Valuation - The report compares the company with similar businesses such as Luxshare Precision, Changying Precision, and Ruikeda, highlighting that the company has a smaller business scale but potential for performance elasticity due to ongoing market expansion in semiconductor heat sinks and automotive connectors [1][2][4]