Recodeal(688800) 海通国际·2024-12-17 00:12Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 64.35 [2][4]. Core Insights - The company reported a revenue of RMB 1.589 billion for the first three quarters of 2024, representing a year-on-year increase of 52.75%. The net profit attributable to shareholders was RMB 106 million, up 10.60% year-on-year, with a gross profit margin of 22.01% [2][16]. - In Q3 2024, the company achieved a revenue of RMB 631 million, a 60.90% increase year-on-year and a 27.36% increase quarter-on-quarter. The net profit attributable to shareholders for the same quarter was RMB 41 million, up 40.67% year-on-year [2][16]. - The company focuses on the design, development, and manufacturing of connection system products, which are widely used in various sectors including data communication, new energy vehicles, and industrial control [3][18]. Financial Performance - The company’s R&D expenses for the first three quarters of 2024 were RMB 111 million, a 29.91% increase year-on-year, with an R&D expense ratio of 7.00% [3][17]. - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 185 million, RMB 241 million, and RMB 291 million, with corresponding EPS of RMB 1.17, RMB 1.52, and RMB 1.84 [4][19]. - The company is expected to benefit from the growing demand in the AI sector, particularly in high-speed cable solutions, which positions it favorably in the market [4][19]. Business Segmentation - The company’s product offerings include connectors, cable assemblies, and system modules, which are essential for various applications such as AI data centers and high-speed transmission solutions [3][18]. - The revenue forecast for the company's segments shows significant growth potential, particularly in the new energy vehicle sector, which is expected to grow at a rate of 50% in 2024 [9].