Topband(002139) 华安证券·2024-11-06 04:10Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in overseas revenue and rapid improvement in profitability, with total revenue for the first three quarters of 2024 reaching 7.7 billion yuan, a year-on-year increase of 21.04%, and net profit attributable to the parent company at 552 million yuan, up 46.71% year-on-year [1] - The recovery in the controller industry has led to a steady increase in the company's market share, with all four major segments (tools, home appliances, new energy, and industrial) achieving year-on-year revenue growth [1] - The company is actively advancing its overseas strategy, with overseas revenue share increasing from approximately 16% last year to about 21% this year, indicating initial success in its international expansion efforts [1] Financial Performance Summary - For 2023, the company is projected to achieve total revenue of 8.992 billion yuan, with a year-on-year growth of 1.3%, and a net profit of 516 million yuan, down 11.6% year-on-year [4][7] - The company expects revenue to grow to 10.343 billion yuan in 2024, representing a 15% increase, with net profit forecasted at 722 million yuan, a 40% increase [4][7] - The gross margin is expected to remain stable around 22.3% to 22.4% over the next few years, with net profit margin improving from 5.7% in 2023 to 7% in 2024 [4][7] Earnings Per Share (EPS) Forecast - The EPS is projected to be 0.41 yuan for 2023, increasing to 0.58 yuan in 2024, 0.74 yuan in 2025, and reaching 0.91 yuan in 2026 [4][7] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 20.86X, 16.42X, and 13.33X respectively, indicating a favorable valuation outlook [1][4][7]