FRD(300602) 海通证券·2024-11-11 00:40Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 3.423 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.53%. The net profit attributable to shareholders was 104 million yuan, up 111.26% year-on-year, and the net profit after deducting non-recurring gains and losses was 91.43 million yuan, an increase of 225.15% year-on-year [6][8] - The performance is in line with expectations, driven by a recovery in consumer electronics and a steady growth in server business, despite short-term pressure in the new energy sector [7][8] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.254 billion yuan, a year-on-year increase of 10.52% and a quarter-on-quarter increase of 5.67%. The net profit attributable to shareholders was 47.19 million yuan, up 4.66% year-on-year and 43.37% quarter-on-quarter [6][8] - The gross margin for Q3 2024 was 18.97%, a decrease of 1.01 percentage points year-on-year but an increase of 0.35 percentage points quarter-on-quarter [6] Business Segments - Consumer electronics accounted for 38% of revenue, benefiting from improved market demand and increased market share in mobile phones and laptops [7] - New energy business, which includes electric vehicles and solar energy, represented 35% of revenue but faced challenges due to rising raw material prices and lower-than-expected orders in photovoltaic and energy storage sectors [7] - The communication sector contributed 25% to revenue, with improved margins and ongoing cooperation in server-related projects [7] Earnings Forecast - Revenue projections for 2024-2026 are 5.002 billion yuan, 5.722 billion yuan, and 6.475 billion yuan, respectively. Net profit forecasts are 207 million yuan, 336 million yuan, and 428 million yuan for the same periods [8][11] - The estimated EPS for 2024, 2025, and 2026 are 0.36 yuan, 0.58 yuan, and 0.74 yuan, respectively [8][11] Valuation - The company is assigned a dynamic PE range of 45-50X for 2025, corresponding to a reasonable value range of 26.05-28.94 yuan [8][10]