中石科技：季报点评：三季度业绩超预期，受益AI终端散热升级趋势

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.22 CNY, based on a projected PE ratio of 34 times for 2025 [3][9]. Core Insights - The company's Q3 performance exceeded expectations, with a revenue of 1.1 billion CNY, a year-on-year increase of 15%, and a net profit attributable to the parent company of 130 million CNY, up 143% year-on-year. The significant profit growth is attributed to improved profitability [7]. - The upgrade of AI terminal cooling solutions is becoming a major trend, leading to increased demand for cooling materials and components. This trend is expected to expand the market space for the cooling industry [7]. - The company is positioned as a comprehensive thermal management solution provider, with a diverse product matrix and growth potential across various application fields. It has established vertical integration capabilities and covers major clients in the 3C industry [7]. Financial Summary - The company's financial forecasts for net profit attributable to the parent company for 2024-2026 are 180 million CNY, 249 million CNY, and 324 million CNY, respectively. These estimates have been revised upward due to increased revenue and gross margin expectations [9]. - Key financial metrics include a projected revenue of 1.568 billion CNY for 2024, with a year-on-year growth of 24.7%, and a gross margin expected to rise to 31.3% [6][9].