Shenzhen Honor Electronic (300870)2024-12-06 08:51Financial Performance - The company achieved a revenue of 2.664 billion CNY in the first three quarters of 2024, representing a year-on-year increase of 28.95% [2] - The revenue for Q3 2024 was 1.064 billion CNY, with a year-on-year growth of 38.17% and a quarter-on-quarter increase of 17.83%, marking a new quarterly revenue record [2] - The gross profit margin for the first three quarters was 21.28%, up by 1.75 percentage points year-on-year, with Q3 gross profit margin at 21.78%, an increase of 2.02 percentage points year-on-year [2] Profitability - The net profit for the first three quarters was 157 million CNY, a significant year-on-year increase of 277.01%, with a net profit margin of 5.89%, up by 3.88 percentage points [3] - In Q3 2024, the net profit reached 70.79 million CNY, reflecting a year-on-year growth of 104.78% and a quarter-on-quarter increase of 28.04%, with a net profit margin of 6.65% [3] Business Development - The data center power supply business is a key long-term strategic focus, with the company recognized as a major domestic manufacturer, supplying to leading server manufacturers and maintaining close cooperation with top internet companies [3] - The company has launched high-power server power supply products, including models ranging from 800W to over 5,500W, and has developed solutions compliant with the Open Compute Project (OCP) standards [4] Other Business Segments - Revenue from other power supply segments reached 322 million CNY in the first half of 2024, a year-on-year increase of 63.15%, driven by the recovery of global demand for electric tools and the introduction of new customers [4] Capacity and Production - The company has established production bases in Shenzhen, Dongguan, Ganzhou, Suzhou, Vietnam, and Mexico to meet diverse market demands and is capable of increasing capacity based on customer needs [4] - The establishment of a production base in Suzhou supports the R&D efforts in Hangzhou [4] Future Goals - The company has set ambitious revenue growth targets for the next three years, with trigger values for revenue growth rates at 28%, 52%, and 72% for 2024-2026, and target values at 35%, 65%, and 90% respectively [5] - The net profit growth rate targets are set at 48%, 104%, and 200% for the same period, with corresponding target values of 60%, 130%, and 250% [5] Investor Relations - The investor relations activities took place from December 2 to December 6, 2024, with participation from various securities firms and asset management companies [2][6]