PPF(300258) 申万宏源·2024-10-29 03:10Investment Rating - The investment rating for the company is "Outperform" (maintained) [5][7]. Core Views - The company is experiencing a transitional period due to a shift in customer structure, with expectations for overseas expansion to ramp up in 2025 [5][6]. - The company reported a total revenue of 1.467 billion yuan for Q1-Q3 2024, a year-on-year decrease of 2.54%, and a net profit attributable to shareholders of 116 million yuan, down 38.28% year-on-year [5][6]. - The company anticipates that the new business capacity layout will lead to improved gross margins over time, despite short-term depreciation and amortization pressures [6][7]. Summary by Sections Market Data - Closing price: 9.10 yuan - One-year high/low: 15.87/6.71 yuan - Price-to-book ratio: 1.2 - Dividend yield: 2.31% - Circulating A-share market value: 4,211 million yuan [2]. Financial Data - Net asset per share: 7.51 yuan - Asset-liability ratio: 43.71% - Total shares/ circulating A-shares: 482 million/463 million [3]. Revenue and Profit Forecast - Total revenue forecast for 2024E: 21.4 billion yuan, down from previous estimates of 23.8 billion yuan [7]. - Net profit forecast for 2024E: 1.7 billion yuan, revised down from 2.4 billion yuan [7]. - Earnings per share for 2024E: 0.37 yuan [8]. Historical Performance - Revenue for 2023: 2.103 billion yuan, with a year-on-year growth rate of 16.3% [10]. - Net profit for 2023: 238 million yuan, with a year-on-year decrease of 3.9% [10].