Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 999.7 million yuan for Q3 2024, a decrease of 83% year-on-year, and a net profit attributable to shareholders of 313 million yuan, down 93% year-on-year. The lower-than-expected performance is primarily due to profitability and funding pressures in the photovoltaic main industry chain, with downstream procurement demand not yet recovering [2]. - The semiconductor quartz rod business is expected to maintain high growth, while the photovoltaic segment is facing challenges due to industry profitability and funding pressures, leading to a contraction in revenue and profitability [2]. - The target price has been adjusted down to 39 yuan, based on a revised EPS forecast of 0.76, 1.06, and 1.42 yuan for 2024-2026, referencing a comparable company PE valuation of 37X for 2025 [2]. Summary by Sections Financial Performance - The company achieved a revenue of 999.7 million yuan in Q3 2024, with a year-on-year decline of 83%. The net profit attributable to shareholders was 313 million yuan, down 93% year-on-year, and the net profit after deducting non-recurring items was 290 million yuan, also down 93% [2]. - The forecast for EPS has been revised to 0.76 yuan for 2024, 1.06 yuan for 2025, and 1.42 yuan for 2026 [2][8]. Business Segments - The semiconductor quartz rod business is anticipated to maintain high growth rates, with stable gross margins. The photovoltaic segment is experiencing revenue and profitability contraction due to industry pressures [2]. - The company is actively pursuing product certifications and market promotion for semiconductor quartz materials, which is expected to sustain high growth in this segment [2]. Market Conditions - The quartz sand shipment volume is expected to remain low in Q3 2024, with a relatively stable quarter-on-quarter performance. The supply-demand dynamics are shifting, and the company is prioritizing risk control amid funding pressures in the main industry chain [2]. - Quartz sand prices have stabilized since Q3 2024, with a narrowing decline in prices observed. The actual shipment average price has dropped to a relatively low level, and further price declines are expected to be limited [2].
石英股份2024年三季报点评:半导体业务保持高增,光伏控风险优先