Yanmade(688312) 中泰证券·2024-10-18 04:30Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported Q3 earnings that exceeded expectations, with a year-on-year increase of 150% in net profit for Q3 2024 and a 73% increase in revenue for the first three quarters of 2024 [1] - The growth is attributed to the recovery in the 3C industry, significant growth in the FPC testing equipment business, and contributions from semiconductor testing equipment [1] - The company is expected to benefit from the demand surge for testing equipment driven by the new iPhone models and is actively expanding into semiconductor testing equipment to enhance performance [1] Financial Performance Summary - Revenue for 2023 is projected at 327 million, increasing to 480 million in 2024, 667 million in 2025, and 832 million in 2026, reflecting growth rates of 3%, 47%, 39%, and 25% respectively [1] - Net profit for 2023 is estimated at 69 million, with projections of 89 million in 2024, 166 million in 2025, and 186 million in 2026, showing growth rates of -16%, 30%, 86%, and 12% respectively [1] - Earnings per share (EPS) is expected to rise from 0.47 in 2023 to 0.62 in 2024, 1.15 in 2025, and 1.28 in 2026 [1] Cash Flow and Operational Analysis - The operating cash flow is projected to improve from -5 million in 2023 to 111 million in 2024, with further increases to 80 million in 2025 and 112 million in 2026 [4] - The company is experiencing a negative cash flow primarily due to increased payments for goods and services as orders grow [4] - Inventory turnover days are expected to improve, indicating better operational efficiency [6] Market Position and Future Outlook - The company is positioned to leverage the upcoming demand for testing equipment associated with new Apple products, which is anticipated to create a new growth cycle in the consumer electronics sector [1] - The company maintains a positive outlook on its growth potential, with a sustained focus on its core business and expansion into new areas [1]