Focus Tech.(002315) 东吴证券·2024-11-03 20:38Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company's revenue and profit are steadily increasing, with a 10% year-on-year growth in the number of platform sellers. For Q3 2024, the company reported a revenue of 416 million yuan, an 8.50% increase year-on-year, and a net profit attributable to shareholders of 124 million yuan, up 14.88% year-on-year [2][3]. - Cost reduction and efficiency improvements have significantly enhanced profit elasticity, with a gross margin of 79.81% in Q3, an increase of 116 basis points year-on-year. The sales expense ratio decreased by 66 basis points, while the R&D expense ratio fell by 118 basis points [2][3]. - Operational reforms have led to improved cash collection speed, with cash received from sales and services reaching 426 million yuan, a 12.72% increase year-on-year [3]. - The company is focusing on refined operations to enhance buyer retention and monetization levels through service optimization and AI-assisted features [3]. - The launch of a new AI platform is expected to open new opportunities, connecting with major e-commerce platforms and potentially increasing the number of paid AI users significantly [3]. Financial Forecast and Valuation - The company is projected to achieve revenues of 17.66 billion yuan, 21.10 billion yuan, and 24.54 billion yuan for the years 2024 to 2026, respectively. Net profits attributable to shareholders are expected to be 5.04 billion yuan, 6.61 billion yuan, and 7.84 billion yuan for the same period [4]. - The current price corresponds to a P/E ratio of 18.98, 14.45, and 12.19 for the years 2024, 2025, and 2026, respectively, indicating that the company is undervalued compared to its growth potential [4].