Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 92.66 CNY, indicating a potential upside in the next six months [6]. Core Views - The company reported a revenue of 1.257 billion CNY for the first three quarters of 2024, a year-on-year decline of 15.61%, and a net profit attributable to the parent company of 104 million CNY, down 14.08% year-on-year [1]. - The decline in revenue is attributed to intensified industry competition and changes in the cooperation model with major clients, which affected overall sales [2]. - The gross margin improved in Q3, reaching 18.33%, an increase of 2.42 percentage points year-on-year, despite a net profit decline of 9.37% [3]. - The company is actively investing in the Ethernet switch industry, focusing on high-end data center switches and enhancing its R&D capabilities [4]. Financial Summary - For 2024, the company is projected to achieve a net profit of 150.45 million CNY, with a revenue forecast of 2.132 billion CNY, reflecting a growth rate of 2.78% [5]. - The EBITDA for 2024 is estimated at 181.90 million CNY, with a corresponding P/E ratio of 42.71 [5]. - The company’s total assets are expected to reach 2.398 billion CNY by 2024, with a debt ratio of 24.55% [8]. Investment Strategy - The company is expected to see a gradual recovery in profits, with net profit projections of 1.5 billion CNY, 2.2 billion CNY, and 2.9 billion CNY for 2024, 2025, and 2026 respectively [4]. - The report emphasizes the importance of the company's strategic investments in high-end switch products and the anticipated growth in demand from major clients [4].
菲菱科思：Q3利润承压，投资布局交换芯片，期待中高端数据中心交换机突破大客户放量