FARATRONIC(600563) 中邮证券·2024-12-02 06:23Investment Rating - Buy rating for Faratronic (600563) with first-time coverage [2] Core Views - Faratronic is expanding its presence in both domestic and international markets, driving growth through dual engines [5] - The company is increasing its share of high-end products, particularly in the new energy sector (e.g., new energy vehicles, photovoltaics, energy storage, wind power) [5] - Faratronic has achieved self-developed production of metalized film materials for film capacitors, enabling rapid product iteration and original development [5] - The company is accelerating its overseas factory layout, with a new subsidiary in Hungary to enhance global competitiveness [5] Financial Projections - Expected net profit attributable to the parent company for 2024-2026: 1.1 billion, 1.4 billion, and 1.6 billion yuan, respectively [5] - Revenue growth rates for 2024-2026: 23.75%, 21.10%, and 16.97%, respectively [5] - EPS for 2024-2026: 4.89, 6.22, and 7.12 yuan, respectively [5] - P/E ratios for 2024-2026: 26.53, 20.84, and 18.23, respectively [5] Company Overview - Latest closing price: 129.71 yuan [4] - Total market capitalization: 29.2 billion yuan [4] - P/E ratio: 28.51 [4] - Debt-to-asset ratio: 24.6% [4] - Major shareholder: Xiamen Faratronic Development Co., Ltd [4] Industry Trends - The film capacitor industry is shifting from mass production to small-batch, customized production, with a focus on ultra-thin, high-temperature-resistant, high-energy-density, and safety-reliable products [5] - Faratronic's products cover a wide range of applications, including industrial control, photovoltaics, energy storage, wind power, new energy vehicles, rail transit, smart grids, home appliances, and lighting [5]