China Leadshine Technology (002979) 开源证券·2024-11-27 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Views - The company's business growth is driven by product and downstream expansion, with profitability continuing to improve. The company has introduced high-end products and optimized its product matrix to capture domestic substitution opportunities, leading to an expected increase in market share [7][8]. - The company reported a revenue of 1.155 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.62%, and a net profit of 144 million yuan, up 56.36% year-on-year. However, Q3 revenue saw a decline due to decreased demand in the photovoltaic and lithium battery sectors [8][9]. - The company's gross margin improved to 38.6%, up 1.3 percentage points year-on-year, and the net margin increased to 12.8%, up 3.9 percentage points year-on-year, driven by product structure optimization and cost reduction measures [9]. Financial Forecasts - The company is expected to achieve net profits of 204 million yuan, 277 million yuan, and 334 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.66 yuan, 0.90 yuan, and 1.09 yuan. The current stock price corresponds to P/E ratios of 40.8, 30.1, and 24.9 for the same years [7][11]. - Revenue projections for 2024, 2025, and 2026 are 1.622 billion yuan, 1.936 billion yuan, and 2.295 billion yuan, reflecting year-on-year growth rates of 14.6%, 19.4%, and 18.6% respectively [11].