FMSH(688385) 华鑫证券·2025-02-13 14:23Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company's profitability is under short-term pressure due to intense competition in the existing market, with a revenue decline of 1.99% year-on-year for the first three quarters of 2024, totaling 2.684 billion yuan, and a net profit drop of 34.29% to 427 million yuan [5] - The company is advancing its next-generation FPGA products, which have completed sample testing and are in small-batch sales to select customers, while also working on yield improvement [6] - The storage product lines have seen significant sales growth in the first half of 2024, benefiting from industry changes and stable pricing, with a comprehensive product architecture that meets various customer needs [7] - Revenue forecasts for 2024-2026 are projected at 37.66 billion yuan, 43.78 billion yuan, and 49.96 billion yuan respectively, with corresponding EPS of 0.78 yuan, 1.03 yuan, and 1.30 yuan, indicating a strong growth trajectory [8] Summary by Sections Market Performance - The company faces fierce competition in the existing market, leading to a decrease in profitability [5] Product Development - The company has a comprehensive FPGA product line with advanced technology and is progressing with next-generation products [6] - The storage product lines have shown significant growth due to market recovery and stable pricing [7] Financial Forecast - The company is expected to achieve revenues of 37.66 billion yuan in 2024, with a growth rate of 6.5%, and further growth in subsequent years [8]