Yanggu Huatai(300121) Guohai Securities·2024-11-10 13:51Investment Rating - The report maintains a "Buy" rating for the company [1][7][11] Core Views - The company is set to acquire 100% of Bomi Technology through a combination of issuing shares and cash, which is expected to enhance its long-term growth prospects in the semiconductor materials sector [5][7] - The acquisition focuses on developing photosensitive polyimide products, which are critical for advanced packaging in integrated circuits, a market currently dominated by foreign companies [7][8] - The company has established a strategic partnership with Huaxing Optoelectronics, indicating strong market positioning and potential for future growth [7] Financial Performance Summary - In Q3 2024, the company reported revenue of 848 million yuan, a year-on-year decrease of 11.93% and a quarter-on-quarter decrease [2][4] - The net profit attributable to shareholders was 46.16 million yuan, down 7.55% year-on-year and 19.82% quarter-on-quarter [2][4] - The gross profit margin for sales was 17.65%, a decrease of 0.75 percentage points year-on-year [2] - The company’s total revenue for the first three quarters of 2024 was 2.535 billion yuan, a year-on-year decline of 3.50% [4] Earnings Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 3.489 billion yuan, 5.002 billion yuan, and 5.609 billion yuan, respectively [7][9] - Expected net profits for the same years are 259 million yuan, 432 million yuan, and 569 million yuan, reflecting a significant growth trajectory [7][9] - The report anticipates a price-to-earnings ratio (P/E) of 30, 18, and 14 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation outlook [7][9]