全信股份：2024年三季报点评：军工线缆领先企业，光电和FC产品业务有望迎来增长

Investment Rating - The investment rating for the company is "Buy" with a target price of 18.00 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [1][7]. Core Views - The company is positioned as a leading enterprise in military cables, with growth potential in its optoelectronic and fiber optic communication (FC) businesses. The report anticipates a recovery in performance as demand becomes clearer and new production capacity is released [1][7]. - The company reported a revenue of 782 million CNY for the first three quarters of 2024, a decrease of 4.12% year-on-year, and a net profit attributable to shareholders of 59 million CNY, down 53.67% year-on-year [1][5]. - The report highlights the company's focus on military electronics and the development of its optoelectronic industry, with significant progress in domestic products for rail transportation and civil aviation [1][6]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 782 million CNY, with a net profit of 59 million CNY and a gross margin of 37.61%, reflecting a decline in profitability due to increased impairment losses [1][5]. - The Q3 revenue was 241 million CNY, showing a year-on-year increase of 0.47% but a quarter-on-quarter decrease of 8.55% [1][5]. - The company has seen a significant drop in net profit for Q3, which was 16 million CNY, down 45.59% year-on-year but up 62.13% quarter-on-quarter [1][5]. Business Development - The company is expanding its production capacity and supply chain capabilities, having raised 314 million CNY in 2021, with 61.86% of the funds utilized by mid-2024 [6]. - The report emphasizes the company's efforts in enhancing delivery capabilities through production line expansions and automation, ensuring support for key national projects [6][7]. Future Outlook - The company is expected to benefit from increased demand for military aircraft and its entry into the commercial aircraft directory, which will directly impact its performance [7]. - Revenue projections for 2024-2026 are estimated at 1.045 billion CNY, 1.253 billion CNY, and 1.502 billion CNY, with net profits of 125.89 million CNY, 157.50 million CNY, and 207.46 million CNY respectively [7][12].