赛特新材：期待2025年真空玻璃贡献增长点

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 668 million yuan for Q3 2024, representing a year-on-year increase of 12.94%, while the net profit attributable to the parent company was 65.14 million yuan, a year-on-year decrease of 17.74% [3]. - The revenue for Q3 2024 was 216 million yuan, showing a year-on-year decline of 9.16%, and a quarter-on-quarter decrease of 5.6%, indicating potential weakness in terminal demand [3][4]. - The company's main business capacity is gradually ramping up, with the new production capacity for vacuum glass expected to contribute to growth in 2025 [4][5]. - The company is actively expanding its market presence, with a growing customer base that includes both international and domestic well-known brands [4]. - The company is focusing on multi-category development and continuous improvement in cost and process advantages, which may enhance its competitive edge [5]. - The mid-term strategic outlook anticipates significant contributions from the vacuum glass business, with expected revenues of 110 million yuan and 160 million yuan for 2024 and 2025, respectively, corresponding to PE ratios of 22 and 15 [5]. Financial Summary - The company achieved total revenue of 840 million yuan in 2023, with projections of 974 million yuan in 2024 and 1.136 billion yuan in 2025 [9]. - The gross profit for 2024 is expected to be 291 million yuan, with a gross margin of approximately 30% [9]. - The net profit attributable to the parent company is projected to reach 110 million yuan in 2024 and 161 million yuan in 2025, with EPS expected to be 0.66 yuan and 0.96 yuan, respectively [9].