Triductor(688259) 中邮证券·2024-11-18 08:32Investment Rating - The report assigns a "Buy" rating for Chuangyao Technology (688259) with a first-time coverage [10][12]. Core Insights - The company achieved operating revenue of 428 million yuan in the first three quarters of 2024, a year-on-year decrease of 5.87%, while the net profit attributable to the parent company increased by 17.15% to 47 million yuan [12]. - The launch of the "Star Flash" product line is expected to tap into the wireless transmission market, with products like gaming mice and clip-on microphones set to be released by the end of the year [12]. - The company is also making strides in the industrial communication sector by obtaining authorization from Beckhoff to use EtherCAT slave chips, which are crucial for data transmission and motion control in industrial applications [12]. Financial Summary - The total share capital is 112 million shares, with a circulating share capital of 81 million shares [4]. - The total market capitalization is 4.8 billion yuan, and the circulating market capitalization is 3.5 billion yuan [5]. - The company's asset-liability ratio stands at 40.3% [7]. - The price-to-earnings ratio is 59.34 [8]. - The company forecasts net profits attributable to the parent company for 2024-2026 to be 60 million, 80 million, and 100 million yuan respectively [12]. Revenue and Profit Forecast - The projected operating revenue for 2024 is 581 million yuan, with a growth rate of -12.12% [14]. - The expected EBITDA for 2024 is 81.08 million yuan [14]. - The earnings per share (EPS) is forecasted to be 0.53 yuan in 2024, increasing to 0.91 yuan by 2026 [14]. Market Performance - The stock has seen a significant decline of 52% over the past year, with a 52-week high of 75.28 yuan and a low of 26.18 yuan [6][11].