Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company faces short-term pressure on Q3 performance due to increased credit loss provisions, but is expanding its boundaries by developing optoelectronic hybrid interconnection products [5] - The company has shown resilience through various measures such as multi-channel expansion, product iteration, and supply chain optimization, particularly with the production phase of its Thailand factory starting in July 2025 [7] - The non-automotive parts business is rapidly growing, with revenue of 64.99 million yuan in the first half of 2025, accounting for 17.34% of total revenue and showing a year-on-year growth of 183.18% [7] - The company is actively exploring the pre-installation market and does not rule out potential acquisitions in the automotive electronics and micro-motor sectors [7] - The company plans to purchase industrial buildings to enhance its automotive electronics business and is partnering with Haibang Optoelectronics to develop optoelectronic hybrid interconnection products [7] Financial Summary - Revenue projections for the company are as follows: 2023: 558 million yuan, 2024: 752 million yuan, 2025E: 869 million yuan, 2026E: 992 million yuan, 2027E: 1,175 million yuan, with respective growth rates of 31.93%, 34.71%, 15.51%, 14.21%, and 18.44% [6] - The projected net profit attributable to the parent company is: 2023: 70 million yuan, 2024: 107 million yuan, 2025E: 113 million yuan, 2026E: 145 million yuan, 2027E: 174 million yuan, with growth rates of 38.24%, 52.91%, 5.97%, 28.35%, and 20.04% [6] - The projected earnings per share (EPS) are: 2023: 1.06 yuan, 2024: 1.62 yuan, 2025E: 1.71 yuan, 2026E: 2.20 yuan, 2027E: 2.64 yuan [6] - The company’s return on equity (ROE) is expected to be 13.79% in 2023, increasing to 21.22% by 2027 [6]
建邦科技（920242）：信用损失计提增加致使Q3业绩短期承压，开发光电混合互联互通类产品拓展边界