sunresin(300487) 山西证券·2024-10-31 15:38Investment Rating - The report maintains a "Buy-B" rating for Lanxiao Technology (300487 SZ) [1] Core Views - Lanxiao Technology achieved significant growth in revenue and net profit in the first three quarters of 2024, with revenue reaching 1 892 billion yuan, a year-on-year increase of 19 99%, and net profit attributable to shareholders of 596 million yuan, a year-on-year increase of 15 10% [1] - The company's internationalization strategy has shown remarkable results, with overseas business revenue reaching 490 million yuan, a year-on-year increase of 48% [2] - The company's adsorption separation materials business accounted for 77 19% of total revenue, with high-margin products in life sciences and metals driving growth [2] - Progress in the water treatment and ultrapurification fields is notable, with the company completing testing or deployment of electronic-grade uniform particle resins in semiconductor chip manufacturing, and increasing market share in panel and photovoltaic industries [3] Financial Performance - In Q3 2024, the company's revenue was 597 million yuan, a year-on-year increase of 4 92%, but a quarter-on-quarter decrease of 10% [1] - Net profit attributable to shareholders in Q3 2024 was 192 million yuan, a year-on-year increase of 11 71%, but a quarter-on-quarter decrease of 18 13% [1] - Gross margin in Q3 2024 was 51 2%, an increase of 1 76 percentage points from Q2, while net margin was 32 26%, a decrease of 3 69 percentage points from Q2 [1] Future Projections - The report forecasts revenue of 2 852 billion yuan, 3 559 billion yuan, and 4 344 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14 6%, 24 8%, and 22 0% [4] - Net profit attributable to shareholders is projected to be 924 million yuan, 1 186 billion yuan, and 1 463 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 28 9%, 28 3%, and 23 3% [4] - EPS is expected to be 1 83 yuan, 2 35 yuan, and 2 90 yuan for 2024, 2025, and 2026, respectively, with P/E ratios of 27 6x, 21 5x, and 17 5x [4] Business Segments - The adsorption separation materials segment contributed 1 460 billion yuan in revenue, accounting for 77 19% of total revenue, while the system equipment segment contributed 366 million yuan, accounting for 19 36% [2] - The company's high-margin products in life sciences and metals have driven the growth of the adsorption separation materials segment [2] Industry and Market Position - Lanxiao Technology has made significant progress in the semiconductor, panel, and photovoltaic industries, with its electronic-grade uniform particle resins meeting the stringent requirements of chip-level manufacturing [3] - The company has secured resin replacement or intention agreements with key players in the photovoltaic, panel, and semiconductor chip industries, indicating strong market positioning [3]