Investment Rating - The report maintains an "Accumulate" rating for the company, considering the competitive pressure in the photovoltaic industry and the expected gradual improvement in profitability due to the expansion of smart junction box and energy storage connector businesses [1][12]. Core Insights - The company is a leading domestic player in the junction box and connector business, facing short-term profitability pressure due to intensified industry competition and weakened downstream demand. The revenue for the first three quarters of 2024 decreased by 25% year-on-year, with a net profit decline of 39% [4]. - The company has adjusted its profit forecasts for 2024-2025, projecting a net profit of 111 million, 139 million, and 167 million yuan for 2024, 2025, and 2026 respectively, reflecting a year-on-year change of -43%, +25%, and +20% [1][2]. - The company plans to raise 186 million yuan through a private placement to expand production capacity for photovoltaic junction box bypass protection modules and energy storage connectors, which is expected to enhance its competitiveness [12]. Financial Summary - Total revenue for 2024 is estimated at 981.14 million yuan, a decrease of 23.65% compared to the previous year, while the net profit is projected at 111.07 million yuan, down 42.63% year-on-year [2][16]. - The company's operating cash flow for Q3 2024 was -42 million yuan, a decrease of 123 million yuan from the same period last year, indicating cash flow challenges [3]. - The company's total assets are projected to grow from 1,683 million yuan in 2023 to 3,130 million yuan by 2026, while total liabilities are expected to increase from 496 million yuan to 976 million yuan in the same period [16][23].
快可电子：行业竞争加剧短期承压，25年有望逐步改善