晶盛机电三季报点评：坩埚业务承压，半导体设备加速布局

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3] Core Insights - The company's revenue for the first three quarters of 2024 reached 14.48 billion yuan, a year-on-year increase of 7.6%, while the net profit attributable to shareholders was 2.96 billion yuan, a decrease of 15.8% year-on-year. In Q3 alone, revenue dropped by 14.34% year-on-year, and net profit fell by 33.96% [1] - The decline in net profit in Q3 was primarily due to a significant drop in quartz crucible prices and gross margin. However, the company's gross margin improved to 32.24% in Q3, up 0.46 percentage points from the previous quarter, indicating a stabilization in profitability [1] - The company is expanding its semiconductor equipment segment, achieving full coverage in the 8-12 inch crystal growth, slicing, grinding, thinning, polishing, and CVD processes, which positions it to benefit from the ongoing expansion of 12-inch silicon wafer production [1] - In the photovoltaic equipment sector, the company is managing inventory and cash flow strictly while focusing on customer and order quality. It has successfully achieved breakthroughs in battery equipment exports and is expected to lead new trends with its silver-saving components [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 14.48 billion yuan, with a year-on-year growth of 7.6%. The net profit attributable to shareholders was 2.96 billion yuan, down 15.8% year-on-year. In Q3, revenue decreased by 14.34% year-on-year, and net profit fell by 33.96% [1] - The gross margin for Q3 was 32.24%, reflecting a quarter-on-quarter increase of 0.46 percentage points, while the net profit margin was 19.64%, up 1.07 percentage points from the previous quarter [1] Business Segments - In the semiconductor equipment sector, the company has extended its product line in large silicon wafer equipment and is leading in the domestic market share for quartz crucibles despite a decline in profitability from photovoltaic crucibles [2] - The company has successfully developed and sold 6-inch silicon carbide epitaxy equipment and is awaiting volume production for 8-inch silicon carbide epitaxy growth equipment [1] - In the photovoltaic equipment sector, the company is focusing on technological innovation and has made significant progress in exporting battery equipment, which is expected to reduce silver consumption significantly [1]