Wuhan Jingce Electronic (300567) 长江证券·2024-11-19 11:28Investment Rating - The report maintains a "Buy" rating for Jingce Electronic (300567 SZ) [6] Core Views - Jingce Electronic achieved significant revenue growth in Q3 2024, with revenue reaching 710 million yuan, a year-on-year increase of 63 35% [6] - The company's net profit attributable to the parent company in Q3 2024 was 32 million yuan, a year-on-year increase of 231 25% [6] - The gross profit margin for Q3 2024 was 43 97%, a decrease of 4 6 percentage points year-on-year [6] - For the first three quarters of 2024, the company achieved revenue of 1 831 billion yuan, a year-on-year increase of 18 50%, and net profit attributable to the parent company was 82 million yuan, turning a profit from a loss [6] Business Performance - The panel business showed significant improvement, with revenue from the display business reaching 493 million yuan in Q3 2024, a year-on-year increase of 55 96% [6] - The semiconductor business grew steadily, with revenue reaching 180 million yuan in Q3 2024, a year-on-year increase of 108 36% [6] - The new energy business achieved revenue of 29 million yuan in Q3 2024, a year-on-year increase of 51 86% [6] - As of the report date, the company had total orders on hand of approximately 3 168 billion yuan, with semiconductor orders accounting for 1 69 billion yuan [6] R&D and Market Potential - The company maintained high R&D investment, with R&D expenses of 468 million yuan in the first three quarters of 2024, accounting for 25 6% of revenue [7] - The semiconductor metrology and inspection equipment market is a key segment in the semiconductor industry, with a global market size of approximately 12 8 billion USD in 2023, accounting for 12% of the global semiconductor equipment market [7] - The company has made strategic investments in advanced packaging technology and deepened cooperation with core customers [7] Future Outlook - The panel display testing business is expected to recover gradually as the downstream market warms up [8] - The semiconductor and new energy testing businesses are seen as the company's second growth curve, with significant development potential [8] - The report forecasts that the company's net profit attributable to the parent company will reach 180 million yuan in 2024, 330 million yuan in 2025, and 470 million yuan in 2026 [8] Financial Data - The current stock price is 76 82 yuan, with a total market capitalization of 27 347 million shares [9] - The company's EPS is expected to be 0 65 yuan in 2024, 1 20 yuan in 2025, and 1 73 yuan in 2026 [17] - The P/E ratio is projected to be 117 78x in 2024, 63 86x in 2025, and 44 53x in 2026 [17]