LY iTECH(002600) 德邦证券·2024-11-05 10:23Investment Rating - The report maintains a "Buy" rating for Lingyi Technology (002600.SZ) [1] Core Views - The company achieved record revenue in Q3, with a significant year-on-year growth of 32.14%, driven by the launch of Apple's iPhone 16 and stable shipment growth [5] - The company is expected to benefit from the increasing proportion of high-end products, which will enhance the unit value [5] - The report anticipates continued strong performance in Q4 due to the release of new Android devices [6] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 31.485 billion yuan, a year-on-year increase of 27.75%, and a net profit of 1.405 billion yuan, a decline of 24.85% [4] - In Q3 alone, the company achieved a net profit of 713 million yuan, a year-on-year increase of 14.68% [4] - The gross margin for Q3 was 17.21%, with a year-on-year decrease of 4.2 percentage points but a quarter-on-quarter increase of 2.19 percentage points [5] Revenue and Profit Forecast - The revenue forecasts for 2024 to 2026 have been adjusted to 41.823 billion yuan, 51.1 billion yuan, and 59.381 billion yuan, respectively [6] - The net profit forecasts for the same period are updated to 2.003 billion yuan, 3.094 billion yuan, and 4.133 billion yuan, respectively [6] - The report indicates that the company’s P/E ratios for 2024 to 2026 are projected to be 31.87, 20.64, and 15.45, respectively [6] Market Position and Competitive Landscape - Lingyi Technology serves a wide range of clients, including major brands like Apple, Huawei, and Xiaomi, positioning itself as a leader in precision components for consumer electronics [6] - The company is recognized for its capabilities in thermal management solutions and original equipment manufacturing for Apple chargers [6]