Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 performance is in line with expectations, with a revenue of 269 million yuan, a year-on-year increase of 6.39%, and a net profit of 36 million yuan, up 11.79% year-on-year [2] - The electronic manufacturing industry has a promising outlook, with the global EMS market projected to grow to 1,017.85 billion USD by 2032, driven by strong demand in consumer electronics and healthcare equipment [3] - The company has established stable relationships with major clients, with sales from the top three clients accounting for over 95% of total revenue, providing a solid foundation for performance [3] - The company is successfully expanding its customer base and increasing production capacity through new facilities, which is expected to significantly enhance performance once operational [4] - The company’s revenue forecasts for 2024-2026 are 400 million, 477 million, and 546 million yuan respectively, with net profits of 53 million, 67 million, and 83 million yuan, corresponding to EPS of 0.67, 0.84, and 1.03 yuan [4] Financial Summary - For Q3 2024, the company reported revenue of 90 million yuan, a 5.31% increase year-on-year, and a net profit of 11 million yuan, a 69.92% increase year-on-year [2] - The company’s financial expenses increased by 310.68% year-on-year, primarily due to higher interest expenses and reduced interest income [2] - The company’s cash flow from operating activities for the first three quarters was 51.36 million yuan, a significant increase of 4,112.56% year-on-year, mainly due to increased cash receipts from sales [2] - The company’s total assets are projected to grow from 524 million yuan in 2024E to 715 million yuan in 2026E, with total liabilities increasing from 109 million yuan to 150 million yuan over the same period [11]
雅葆轩：2024年三季报点评：业绩基本符合预期，新产能释放值得期待