AFR(300620) 华龙证券·2024-11-09 08:36Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][3]. Core Views - The company has significantly increased its revenue, achieving 739 million yuan in the first three quarters of 2024, a year-on-year growth of 41%. The net profit attributable to shareholders reached 56 million yuan, up 19.53% year-on-year [2][4]. - The fiber laser industry is rapidly developing, driving demand for the company's fiber laser devices. The continuous growth in this sector presents substantial opportunities for the company, which has established a strong presence and brand recognition in the market [2][4]. - The company has successfully penetrated global markets, with products sold in over 40 countries and regions, indicating its competitive position in the optoelectronic device industry [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 739 million yuan, with a quarterly revenue of 318 million yuan in Q3, reflecting a year-on-year increase of 71.33% and a quarter-on-quarter increase of 21.57% [4]. - The gross margin for Q3 2024 was 36.83%, showing a slight decline of 0.25 percentage points year-on-year [4]. - The company forecasts revenue growth rates of 28.53%, 23.59%, and 31.57% for 2024, 2025, and 2026, respectively, with projected revenues of 912 million yuan, 1.128 billion yuan, and 1.484 billion yuan for those years [3][5]. - The net profit attributable to shareholders is expected to be 85 million yuan, 116 million yuan, and 163 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 152.4, 111.0, and 79.0 [3][5]. Market Data - As of October 23, 2024, the company's stock price was 51.78 yuan, with a 52-week price range of 30.00 to 61.66 yuan. The total market capitalization is approximately 12.90 billion yuan [4].