Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 64.5 CNY, compared to the current price of 52.15 CNY [1]. Core Views - The company reported a robust year-on-year growth in Q3 2024, with revenue reaching 267 million CNY, a 53.42% increase compared to the same period last year. The gross margin improved to 35.42%, and the net profit attributable to shareholders was 50 million CNY, reflecting a 29.53% year-on-year growth [1]. - The semiconductor equipment market is expected to grow rapidly due to the expansion of wafer fabs and the acceleration of domestic production processes, benefiting the company significantly [1]. - The company is focusing on key core technology advancements and diversifying its product structure, which is expected to support long-term growth [1]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 772 million CNY, a year-on-year increase of 27.84%. The net profit attributable to shareholders was 130 million CNY, up 11.14% year-on-year [1][2]. - The projected financials for 2024-2026 indicate a steady increase in revenue and net profit, with net profit expected to reach 177 million CNY in 2024, 241 million CNY in 2025, and 320 million CNY in 2026 [2][6]. - The company’s gross margin is projected to stabilize around 36.5% by 2026, with a net profit margin of 18% [6]. Market Position - The company holds a leading position in the domestic semiconductor temperature control equipment market, with a market share of 35.73% in 2022. It has also improved its ranking in the semiconductor waste gas treatment equipment sector from eighth in 2018 to fourth in 2022 [1]. - The company’s R&D investment increased by 65.39% year-on-year to 70 million CNY in the first three quarters of 2024, indicating a strong commitment to innovation and product development [1]. Future Outlook - The company is expected to maintain a high growth trajectory in performance and profitability, driven by the gradual delivery of customer orders and the ramp-up of new products [1]. - The semiconductor equipment market is anticipated to continue expanding, driven by increasing demand for specialized equipment due to the complexity of integrated circuit manufacturing processes [1].
京仪装备：2024年三季报点评：24Q3业绩同比高增长，持续推进平台化布局