Farasis Energy(688567) 海通证券·2024-11-12 06:36Investment Rating - The investment rating for the company is "Outperform the Market" [1][8]. Core Views - The company's Q3 revenue and net profit attributable to shareholders were under pressure, with a revenue of 9.21 billion yuan, down 17.98% year-on-year, and a net profit of -304 million yuan. Q3 revenue was 2.238 billion yuan, down 47.31% year-on-year, with a net profit of -113 million yuan. The gross margin was 14.21%, up 9.04 percentage points year-on-year, but down 0.43 percentage points quarter-on-quarter [5][8]. - The company expects a rebound in Q4 due to improved shipment volumes, with an estimated total shipment volume of 16.5 GWh for the year, representing a 2% year-on-year increase [5][10]. - The new SPS product line is expected to contribute to domestic gross margin improvement starting in 2025, with significant production planned for the Ganzhou and Guangzhou bases [6][10]. - The European new energy vehicle market is anticipated to benefit from stricter carbon emission regulations, with expected sales growth of over 28% in 2025 [7][10]. - The company forecasts net profits of -390 million yuan in 2024, 333 million yuan in 2025, and 606 million yuan in 2026, with corresponding EPS of -0.32, 0.27, and 0.50 yuan [8][10]. Financial Summary - For 2024, the company expects revenue of 14.204 billion yuan, a decrease of 13.6% year-on-year, followed by revenue growth of 33.4% in 2025 and 27.3% in 2026 [9][14]. - The gross margin is projected to improve to 13.6% in 2024, 14.1% in 2025, and 13.4% in 2026 [9][14]. - The company has a total market capitalization of 16.645 billion yuan, with a total share capital of 1.222 billion shares [1][9].