Leadmicro(688147)2024-11-06 01:55Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company reported a revenue of 1.544 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 51.17%. The net profit attributable to the parent company was 151 million yuan, down 2.78% year-on-year, while the net profit excluding non-recurring items was 114 million yuan, down 0.73% year-on-year. In Q3 2024, revenue reached 757 million yuan, up 18.42% year-on-year, with a net profit of 108 million yuan, up 24.74% year-on-year, and a net profit excluding non-recurring items of 103 million yuan, up 47.88% year-on-year [2][3]. Summary by Sections Revenue Growth - The company experienced significant revenue growth due to successful order acceptance. In the photovoltaic sector, the company's technology covers TOPCon, XBC, and perovskite batteries, with a leading market share in ALD equipment for TOPCon batteries. The market share for PE-Tox and PE-Poly equipment is rapidly increasing. In the semiconductor sector, the company maintains a leading position in ALD equipment, with repeat orders from major manufacturers for both ALD and CVD equipment [2][3]. R&D Investment - R&D investment continued to increase, with a total of 338 million yuan for the first three quarters of 2024, up 82.02% year-on-year, accounting for 21.89% of revenue, an increase of 3.71 percentage points year-on-year. In Q3 2024, R&D investment was 109 million yuan, up 23.84% year-on-year, accounting for 14.34% of revenue, an increase of 0.63 percentage points year-on-year. The gross profit margin for the first three quarters was 38.34%, with Q3 gross profit margin at 38.28%, maintaining a high level [3][4]. Order Backlog - The company has a robust order backlog supporting future performance. As of the end of Q3 2024, inventory stood at 4.42 billion yuan, and contract liabilities were 2.46 billion yuan. The total order backlog was 8.085 billion yuan, including 6.667 billion yuan in photovoltaic orders and 1.344 billion yuan in semiconductor orders [3][4]. Semiconductor Sector Expansion - The company is expanding its semiconductor sector, with various ALD and CVD processes entering the industrial verification stage. The developed processes include HKMG technology, column capacitors, and high aspect ratio 3D DRAM technologies. Over 75% of new orders come from the storage sector, with strong demand from key industry clients. The company is also making significant progress in new storage, advanced packaging, and silicon-based OLED fields [4][3]. Profit Forecast - The company is expected to achieve a net profit attributable to the parent company of 300 million yuan and 500 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 40 and 23 times [4].