Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has seen revenue growth in hydrogen energy, energy storage, and wind power sectors, while facing challenges due to a slowdown in lithium battery construction and demand for coating machine-related products [4] - The company was selected as a "Little Giant" in the sixth batch of specialized and innovative enterprises, indicating its strong position in the market [5] - The company is actively diversifying into emerging fields such as clean energy and energy conservation, aiming to enhance its competitiveness and risk resistance [5] Financial Summary - For the first three quarters of 2024, the company reported revenue of 246 million yuan, a year-on-year decline of 9%, and a net profit attributable to shareholders of 24.6 million yuan, down 55% year-on-year [3] - In Q3 2024, the company achieved revenue of 90 million yuan, a year-on-year increase of 6.49%, but the net profit attributable to shareholders fell by 75.26% [3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 44 million, 65 million, and 81 million yuan respectively, with corresponding EPS of 0.50, 0.74, and 0.93 yuan per share [3][4] Market Position and Strategy - The company specializes in the research, design, production, and sales of heat exchangers and heat exchange systems, with products widely used in various sectors including wind power, waste heat recovery, rail transit, and engineering machinery [5] - The company is focusing on expanding its presence in new fields such as energy storage thermal management, hydrogen energy thermal management, and data center liquid cooling management, with some products already in mass production [5] - The company has increased its inventory to 39.3 million yuan as of September 30, 2024, reflecting proactive measures in response to customer order delivery schedules [4]
方盛股份：北交所信息更新：氢能、储能和风电领域收入增长，入选第六批专精特新“小巨人”