OTIC(000962) China Post Securities·2024-11-11 08:20Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown steady growth in its main business, with significant dividends reflecting its commitment as a state-owned enterprise [2] - For Q3 2024, the company reported revenue of 895 million yuan, a year-on-year increase of 14.63%, and a net profit attributable to shareholders of 156 million yuan, up 6.58% year-on-year [2] - The company’s gross margin improved to 19.32% for the first three quarters, an increase of 1.48 percentage points year-on-year, primarily due to low tantalum prices and optimized product structure [2] Financial Performance Summary - Revenue for 2023 is projected at 1,108 million yuan, with expected growth rates of 12.35% for 2024, 11.83% for 2025, and 29.25% for 2026 [4] - The net profit attributable to shareholders is forecasted to be 187.13 million yuan for 2023, with growth rates of 9.72% for 2024, 8.76% for 2025, and 32.06% for 2026 [4] - The company’s earnings per share (EPS) is expected to be 0.37 yuan for 2023, increasing to 0.40 yuan in 2024, 0.53 yuan in 2025, and 0.63 yuan in 2026 [4] Key Financial Ratios - The company’s price-to-earnings (P/E) ratio is projected to be 37.13 for 2023, decreasing to 34.14 in 2024, 25.85 in 2025, and 21.83 in 2026 [4] - The price-to-book (P/B) ratio is expected to decline from 2.90 in 2023 to 2.69 in 2024, and further to 2.44 in 2025, reaching 2.19 in 2026 [4] - The company’s debt-to-asset ratio is forecasted to increase from 14.5% in 2023 to 21.2% in 2024, and further to 26.4% in 2025, reaching 27.0% in 2026 [6]