FHEC(688362) 中邮证券·2024-12-02 08:02Investment Rating - The report maintains a "Buy" rating for Yongxi Electronics (688362) [11][14]. Core Views - The company is positioned as a leading supplier for numerous domestic SoC clients, benefiting from the growth of its customers and expanding its revenue through continuous engagement with Taiwanese clients [13]. - The company focuses on high-end clients and advanced packaging, aiming to enhance its core competitiveness and customer service through ongoing R&D investments [13]. - The profitability is expected to gradually improve as the company scales up, with anticipated increases in gross margin and decreases in expense ratios due to operational efficiencies [13]. Financial Summary - The latest closing price is 29.20 yuan, with a total market capitalization of 119 billion yuan and a circulating market value of 81 billion yuan [3][5]. - The company reported a total revenue of 2,391 million yuan in 2023, with projected revenues of 3,422 million yuan, 4,000 million yuan, and 5,001 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 43.11%, 16.91%, and 25.02% [18]. - The net profit attributable to the parent company is forecasted to be 80.24 million yuan, 200.38 million yuan, and 303.60 million yuan for 2024, 2025, and 2026, with growth rates of 185.92%, 149.73%, and 51.51% respectively [18]. - The company’s current P/E ratios for 2024, 2025, and 2026 are projected to be 149x, 60x, and 39x respectively [14][18].