Leadmicro(688147)2024-11-11 05:41Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported Q3 2024 results that met expectations, with continuous advancement in semiconductor and emerging application equipment [1] - The company achieved operating revenue of 1.54 billion yuan in Q3 2024, a year-on-year increase of 51.2% [1] - The net profit attributable to the parent company was 150 million yuan, a year-on-year decrease of 2.8% [1] - The company’s gross margin for the first three quarters of 2024 was 38.3%, down 4 percentage points year-on-year [1] - R&D investment increased by 82.0% year-on-year, amounting to 338 million yuan [1] Financial Performance - For Q3 2024, the company achieved operating revenue of 760 million yuan, a year-on-year increase of 18.4% and a quarter-on-quarter increase of 22.9% [1] - The net profit attributable to the parent company for Q3 2024 was 110 million yuan, a year-on-year increase of 24.7% and a quarter-on-quarter increase of 174.8% [1] - The company’s total assets as of Q3 2024 were 10.46 billion yuan, with current assets of 9.70 billion yuan [4] - The company’s cash flow from operating activities for the first three quarters of 2024 was -200 million yuan, with a narrowing outflow [1][4] Market Position and Strategy - The company has a strong presence in the semiconductor sector, with over 75% of new orders coming from the storage sector, including new storage technologies, 3D NAND, and DRAM [1] - In the photovoltaic sector, the company’s ALD products have consistently ranked first in revenue scale, total orders, and market share among domestic peers [1] - The company is actively optimizing new generation high-efficiency battery technologies, including XBC, perovskite, and perovskite tandem cells [1] Earnings Forecast - The company’s projected operating revenues for 2024, 2025, and 2026 are 2.79 billion yuan, 4.22 billion yuan, and 5.27 billion yuan respectively, with year-on-year growth rates of 66.1%, 51.2%, and 25.0% [3] - The net profit attributable to the parent company is forecasted to be 310 million yuan, 526 million yuan, and 726 million yuan for the same years, with year-on-year growth rates of 14.6%, 69.9%, and 38.0% respectively [3]