Darbond Technology (688035) 中银证券·2024-12-05 08:52Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 36.91 and an industry rating of "Outperform" [2][8]. Core Insights - The company experienced steady revenue growth in the first three quarters of 2024, with a year-on-year increase of 20.48%, while its net profit attributable to shareholders decreased by 28.03% [7][10]. - The report highlights the ongoing validation and introduction of the company's products as a positive factor for future performance [8][9]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of RMB 784.03 million, up from RMB 650.74 million in the same period of 2023, reflecting a growth rate of 20.48% [10]. - The gross profit margin for the first three quarters of 2024 was 26.63%, down 2.79 percentage points year-on-year, while the net profit margin was 7.57%, down 5.09 percentage points year-on-year [8]. - The company’s earnings per share (EPS) for 2024 is projected to be RMB 0.71, with corresponding price-to-earnings (PE) ratios of 52.3, 38.1, and 25.0 for the years 2024, 2025, and 2026 respectively [8][12]. Market Outlook - The semiconductor materials market is expected to recover, with a projected compound annual growth rate (CAGR) of over 5% from 2023 to 2027, driven by increased investment in wafer fabrication and capacity expansion [8][9]. - The consumer electronics market is also anticipated to recover, with a projected growth of 4% in 2024, providing opportunities for the company to expand its market share in the packaging materials sector [8][9].