Focus Tech.(002315) 国海证券·2024-11-05 14:34Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company has shown steady growth in paid memberships on the China Manufacturing Network, with a total of 26,668 paid members as of Q3 2024, an increase of 934 members since the end of H1 2024 [4] - The AI product, Mentarc, was officially launched in Q3 2024, aimed at providing e-commerce tools for global distributors and cross-border merchants [4] - The company’s revenue for Q3 2024 reached 416 million yuan, representing a year-over-year increase of 8.50%, while the net profit attributable to shareholders was 124 million yuan, up 14.88% year-over-year [5][6] Financial Performance - The company’s overall revenue growth is driven by the stable performance of the China Manufacturing Network and the commercialization of AI products [6] - The gross margin improved by 1.31 percentage points year-over-year, while the sales expense ratio decreased by 0.66 percentage points [6] - The projected revenues for 2024, 2025, and 2026 are 1.713 billion yuan, 1.943 billion yuan, and 2.154 billion yuan, respectively, with net profits expected to be 472 million yuan, 554 million yuan, and 653 million yuan [6][9] Earnings Forecast - The diluted EPS for the years 2024, 2025, and 2026 are projected to be 1.49 yuan, 1.75 yuan, and 2.06 yuan, respectively [6][9] - The company is expected to maintain a P/E ratio of 21.36 for 2024, decreasing to 15.44 by 2026 [9][11]