Investment Rating - The investment rating for the company is maintained at "Accumulate" with a target price not specified [1]. Core Views - The company is actively responding to changes in both internal and external environments, as evidenced by its recent quarterly performance [2][6]. - In Q3 2024, the company reported revenue of 660 million, a year-on-year increase of 42%, while net profit attributable to the parent company was 5 million, a decrease of 70% [1]. - The decline in net profit is primarily attributed to increased period expenses, including management costs for ongoing projects, reduced foreign exchange gains, and increased interest expenses [1]. - For the first three quarters of 2024, the company achieved a total revenue of 1.7 billion, a 40% increase year-on-year, but net profit attributable to the parent company was 70 million, only a 7% increase [1]. Financial Performance Summary - The company's gross margin for the first three quarters of 2024 was 18.7%, a decrease of 0.1 percentage points, while the net profit margin was 3.5%, down 1.3 percentage points [1]. - The company is expected to gradually improve its profitability by optimizing its customer base and expanding new product categories, which will enhance gross margins [4]. - The revenue forecast for 2024-2026 has been adjusted, with expected EPS of 0.6, 0.8, and 1.0 yuan per share, respectively, and corresponding PE ratios of 28X, 20X, and 15X [4]. Market Competition and Strategy - The company is enhancing its product capabilities to cope with intensified market competition, where many suppliers are adopting low-price strategies [3]. - By improving quality control and innovation in technology, the company aims to lower costs while enhancing product quality and market competitiveness [3]. - The company is also expanding its overseas production capacity, particularly with investments in Thailand, to better navigate uncertainties in international trade [5].
家联科技：积极应对内外部环境变化