WG Tech(603773) 财信证券·2024-11-12 06:24Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company reported a revenue of 1.643 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 30.96%. The net profit attributable to shareholders was -49 million yuan, compared to a loss of 20 million yuan in the same period last year [3][4] - The gross margin for the first three quarters was 16.74%, down 2.73 percentage points year-on-year, while the net margin was -1.50%, a decrease of 1.67 percentage points year-on-year [4] - The company is actively expanding its business into the glass-based sector, focusing on mini/micro LED backlighting, semiconductor packaging, and CPI/PI film materials [4][5] - The company has a planned production capacity of 5.24 million square meters for glass-based mini LED substrates, with current production capacity at 1 million square meters [4] Financial Summary - The company’s revenue projections for 2024, 2025, and 2026 are 2.382 billion yuan, 2.959 billion yuan, and 3.964 billion yuan, respectively. The net profit attributable to shareholders is expected to be -76.3 million yuan in 2024, 67.96 million yuan in 2025, and 169.25 million yuan in 2026 [5][6] - The report indicates a significant increase in R&D expenses, which reached 83 million yuan in the first three quarters of 2024, a year-on-year increase of 36.52% [4][5] - The company’s total assets are projected to grow from 4.291 billion yuan in 2024 to 5.712 billion yuan in 2026 [6]