Avary Holding(002938) 民生证券·2024-11-01 10:53Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 36.65 CNY [3]. Core Insights - The company reported a revenue of 23.487 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 14.82%. The net profit attributable to shareholders was 1.974 billion CNY, up 7.05% year-on-year [1]. - In Q3 alone, the company achieved a revenue of 10.360 billion CNY, a year-on-year increase of 16.14% and a quarter-on-quarter increase of 60.87%. The net profit for Q3 was 1.190 billion CNY, reflecting a year-on-year growth of 15.26% and a quarter-on-quarter growth of 314.63% [1]. - The company is focusing on AI innovation, particularly in high-end HDI and SLP products, to meet the growing demand in the PCB industry, which is projected to grow by 5.0% in 2024 [1]. - The company is expanding its production capacity in Thailand, particularly for AI servers and automotive applications, with significant growth expected in these sectors [1]. Financial Summary - For 2024, the company is projected to achieve a net profit of 3.332 billion CNY, with a PE ratio of 26. The net profit is expected to grow to 4.511 billion CNY in 2025 and 5.036 billion CNY in 2026, with corresponding PE ratios of 19 and 17 respectively [2][4]. - The company's revenue is forecasted to increase from 32.066 billion CNY in 2023 to 35.193 billion CNY in 2024, with a growth rate of 9.8% [4]. - The gross margin is expected to remain stable around 21.29% in 2024, with a net profit margin of 9.47% [4].