First(603806) 长江证券·2024-11-07 06:20Investment Rating - The investment rating for the company is "Buy" and is maintained [5][4]. Core Views - The company reported a revenue of 15.174 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.86%. The net profit attributable to the parent company was 1.258 billion yuan, down 12.08% year-on-year. In Q3 2024, revenue was 4.411 billion yuan, a decline of 26.9% year-on-year and 18.96% quarter-on-quarter, with a net profit of 330 million yuan, down 39.67% year-on-year and 19.01% quarter-on-quarter [3][4]. - The company's film business maintained stable sales in Q3, with an expected increase in market share due to weaker component production in the industry compared to Q2. Despite price declines in film, the company retains a significant profitability advantage over peers [4]. - The company is expected to achieve profits of 1.6 billion yuan and 2.5 billion yuan in 2024 and 2025, respectively, corresponding to a PE ratio of 30 and 19 times [4]. Financial Performance - The company reported total revenue of 22.589 billion yuan in 2023, with projections of 21.607 billion yuan for 2024 and 29.961 billion yuan for 2025 [8]. - The gross profit for 2023 was 3.307 billion yuan, with expectations of 3.227 billion yuan in 2024 and 4.469 billion yuan in 2025 [8]. - The net profit attributable to the parent company for 2023 was 1.850 billion yuan, with forecasts of 1.618 billion yuan in 2024 and 2.535 billion yuan in 2025 [8]. Market Position - The company is positioned as a leading player in the film sector of the photovoltaic industry, with strong alpha and expected recovery in profitability as the industry supply-demand improves [4]. - The company’s inventory at the end of Q3 was 2.15 billion yuan, reflecting a 16% decrease, while accounts receivable and notes receivable were 4.17 billion yuan, down 19% [4].