Avary Holding(002938) 太平洋·2024-11-11 23:55Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Views - The consumer electronics market is experiencing a mild recovery, with growth driven by automotive electronics and AI servers. The company reported a consolidated revenue of 4.363 billion yuan in October, a decrease of 2.18% year-on-year, but achieved a revenue of 23.487 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 14.82% [2][3]. - The company is benefiting from the release of new products by major overseas clients and is increasing its market share, particularly in high-end HDI and SLP products, which are in demand due to advancements in AI technology [2][3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 10.36 billion yuan, a year-on-year increase of 16.14%, and a net profit attributable to shareholders of 1.19 billion yuan, up 15.26% year-on-year [2]. - The revenue breakdown by product shows that consumer electronics, automotive and server electronics, and communication electronics generated revenues of 6.912 billion, 0.729 billion, and 15.776 billion yuan, with year-on-year growth rates of 22.03%, 102.52%, and 9.53% respectively [2]. Future Projections - The company forecasts total revenues of 36.227 billion, 42.037 billion, and 45.984 billion yuan for 2024, 2025, and 2026, with year-on-year growth rates of 12.98%, 16.04%, and 9.39% respectively. Net profits are projected to be 3.718 billion, 4.588 billion, and 4.986 billion yuan for the same years, with growth rates of 13.10%, 23.42%, and 8.68% respectively [3][4].