Darbond Technology (688035) 华鑫证券·2024-10-29 05:30Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][4]. Core Insights - The company has shown a year-on-year revenue growth of 20.48% for the first three quarters of 2024, reaching 784 million yuan, although its net profit attributable to shareholders decreased by 28.03% to 60 million yuan [1]. - The company is focusing on the domestic production of advanced packaging materials, particularly epoxy molding compounds, in response to the increasing demand for high-end AI chips [1][3]. - The planned acquisition of Hengsu Huawai, a leading player in semiconductor packaging materials, is expected to enhance the company's competitive edge and profitability [3][4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 321 million yuan, representing a year-on-year increase of 25.37% and a quarter-on-quarter increase of 23.56% [1]. - The gross profit margin for Q3 2024 was 28.01%, up by 1.67 percentage points from the previous quarter [1]. Market Position and Strategy - The company is a leader in chip-level packaging materials and has established long-term partnerships with major clients, including Huawei [3]. - The acquisition of Hengsu Huawai, which holds a significant market position in epoxy molding compounds, is anticipated to create synergies with the company's core business and strengthen its market position [3][4]. Earnings Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 1.09 billion yuan, 1.52 billion yuan, and 1.81 billion yuan, respectively, with corresponding EPS of 0.73 yuan, 1.06 yuan, and 1.42 yuan [4][6].