拓荆科技：毛利率短期承压，产品覆盖度持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 44.67% year-on-year for Q3 2024, achieving revenue of 1.011 billion yuan, while net profit decreased by 2.91% year-on-year to 142 million yuan [3][4] - The company is experiencing a temporary decline in gross margin due to increased costs associated with new product validation, but gross margin is expected to recover as these products transition to mass production [4][6] - The company has a strong order backlog, with a shipment value of 3.249 billion yuan in the first half of 2024, representing a year-on-year growth of 146.5% [4][5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.011 billion yuan, a 44.67% increase year-on-year, while net profit was 142 million yuan, down 2.91% [3][4] - For the first half of 2024, the company reported a shipment value of 3.249 billion yuan, up 146.5% year-on-year, with a significant increase in contract liabilities and inventory levels [4][5] Research and Development - The company invested 481 million yuan in R&D in the first three quarters of 2024, a 35.73% increase year-on-year, focusing on new products and process optimizations [4] - The gross margin for the first three quarters of 2024 was 43.59%, down 6.75% year-on-year, primarily due to the high costs associated with new product validation [4][6] Product Development - The company has expanded its product matrix significantly, achieving full coverage of PECVD materials and successfully validating new ALD and SACVD equipment [5] - The company has received over 25 orders for its PECVD Bianca process equipment and has made progress in client validation for its new products [5] Future Projections - Revenue projections for 2024-2026 are 3.953 billion yuan, 5.633 billion yuan, and 7.215 billion yuan, respectively, with net profits expected to be 656 million yuan, 1.081 billion yuan, and 1.484 billion yuan [6][8] - The company is expected to maintain a strong growth trajectory, with anticipated revenue growth rates of 46.2% in 2025 and 42.5% in 2026 [8]