Cctech(300604) 华西证券·2024-10-24 04:03Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant revenue growth of 109.7% year-on-year for the first three quarters of 2024, reaching 2.535 billion yuan, with Q3 revenue at 1.007 billion yuan, up 125.5% year-on-year, driven by accelerated orders from major clients for SOC testing machines and increased production of storage testing machines [2][3] - The net profit attributable to the parent company for the first three quarters of 2024 was 357 million yuan, a staggering increase of 26,859% year-on-year, with a net profit margin of 14.91%, reflecting a substantial improvement in profitability due to economies of scale [2][3] - The semiconductor industry is expected to recover, benefiting traditional product demand, with significant growth anticipated in SOC and storage testing machines, which are expected to contribute to the company's performance in 2024 and beyond [3] Summary by Sections Revenue Performance - The company achieved a revenue of 2.535 billion yuan in the first three quarters of 2024, with Q3 revenue at 1.007 billion yuan, marking a year-on-year increase of 125.5% [2] - Inventory as of Q3 2024 stood at 2.371 billion yuan, up 20.33% year-on-year, indicating strong order backlog and proactive raw material procurement [2] Profitability - The net profit for Q3 2024 was 143 million yuan, an increase of 844% year-on-year, with a gross margin of 57.73%, reflecting strong operational efficiency [3] - The company’s net profit margin and non-recurring net profit margin for the first three quarters of 2024 were 14.91% and 13.59%, respectively, both showing significant year-on-year improvements [2] Future Outlook - The company maintains revenue forecasts of 3.471 billion yuan, 4.680 billion yuan, and 5.977 billion yuan for 2024, 2025, and 2026, respectively, with expected year-on-year growth rates of 96%, 35%, and 28% [4] - The net profit forecasts for the same periods are adjusted to 529 million yuan, 858 million yuan, and 1.223 billion yuan, reflecting a strong growth trajectory despite slight downward adjustments due to share-based payment expenses [4]