精测电子：2024年三季报点评：业绩保持增长，看好半导体业务持续放量

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown consistent revenue growth, particularly in the semiconductor business, which is expected to continue expanding [1] - The adjustment in product structure has led to a decline in gross margin, but the company has significantly improved its cost control capabilities while maintaining high R&D investment [1] - The company is well-positioned to benefit from the acceleration of domestic substitution in the display, semiconductor, and new energy sectors [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.831 billion yuan, a year-on-year increase of 18.5%, with semiconductor revenue growing by 95.3% [1] - The net profit attributable to shareholders for the first three quarters was 82 million yuan, a year-on-year increase of 752.6% [1] - The gross margin for the first three quarters was 43.43%, down 1.68 percentage points year-on-year, while the net profit margin increased by 5.84 percentage points to 2.44% [1] Order and Inventory Summary - As of the end of Q3 2024, the company's contract liabilities reached 489 million yuan, up 36.6% year-on-year, and inventory was 1.914 billion yuan, up 22.4% year-on-year [1] - The company has a backlog of orders amounting to 3.168 billion yuan, with semiconductor orders increasing by 13.5% year-on-year [1] Business Segment Overview - The company is actively expanding in the display panel testing equipment sector, semiconductor testing equipment, and new energy equipment, which opens up growth opportunities [1] - The semiconductor testing equipment market is expected to see increased domestic substitution due to geopolitical factors affecting foreign competitors [1] - The company has signed a strategic cooperation agreement with a new energy partner, which will enhance its position in the lithium battery assembly and testing market [1] Earnings Forecast and Valuation - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 267 million, 377 million, and 504 million yuan, respectively, with corresponding P/E ratios of 64, 45, and 34 times [1]