2024Q3 汽车营收同环比高增，带动利润率有所修复。3C 板块：2024Q3 3C 板块实现1.69 亿营收，同比+20.53%/环比+5.96%。Q3 是消费电子需求旺季，公司在客户和产品层面实现持续突破。客户方面，公司在北美消费电子大客户、华为、荣耀、小米、OPPO、VIVO 等众多国际一线龙头保持深度合作；产品方面，2024 年新增AF 产品、烧结油墨、集成电路用功能涂层等进入行业头部客户供应链。汽车板块：2024Q3 汽车板块实现营收0.33 亿元，同比+22.16%/环比+28.24%。汽车板块持续释放业绩，主要得益于公司前期拿到定点的新车型相继进入量产爬坡阶段。此外，新产品如升级型防雾涂料、车载一体黑等汽车用功能涂层开始批量供货，并与华为系主机厂合作开发出透雷达波PVD 镀系统用于智能驾驶系统。全球首创中国首发的电芯绝缘UV 喷墨打印样板工程如期完成交付，进入现场调试阶段。此外，公司积极推进高低空经济业务布局与合作，与国内某eVTOL 飞行器制造商达成战略合作，共同开展通用航空器（eVTOL）功能涂层材料的研制。Matters:
The company released its three-quarter report for 2024, achieving revenue of 0.527 billion yuan in the first three quarters of 2024, +26.91% year-on-year; net profit to mother of 0.071 billion yuan, or +32.89% year-on-year. Among them, Q3 achieved revenue of 0.203 billion yuan in a single quarter, +20.22% /month-on-month +8.17%; realized net profit to mother of 0.031 billion yuan, +13.52% YoY/6.62% month-on-month, and Q3 achieved year-on-month growth.
Commentary:
2024Q3 Auto's revenue increased month-on-month, leading to a recovery in profit margins. 3C sector: 2024Q3 The 3C sector achieved 0.169 billion revenue, +20.53% YoY /5.96% YoY. Q3 is the peak season for consumer electronics demand, and the company achieved continuous breakthroughs at the customer and product levels. On the customer side, the company maintains deep cooperation with major consumer electronics customers in North America, Huawei, Honor, Xiaomi, OPPO, VIVO, etc.; in terms of products, AF products, sintered inks, and functional coatings for integrated circuits will be added in 2024 to enter the supply chain of leading customers in the industry. Automotive sector: The 2024Q3 automotive sector achieved revenue of 0.033 billion yuan, +22.16% y/month-on-month +28.24%. The automotive sector continues to release performance, mainly due to the new models that the company obtained in the early stages and entering the phase of mass production climbing one after another. In addition, new products such as upgraded anti-fog coatings and automotive functional coatings such as automotive integrated black have begun to be supplied in batches, and a radar wave PVD plating system has been developed in cooperation with Huawei OEMs for intelligent driving systems. The world's first cell insulated UV inkjet printing model project first launched in China was delivered as scheduled and entered the on-site commissioning stage. In addition, the company actively promotes economic business layout and cooperation at high and low altitude, and has reached strategic cooperation with a domestic eVTOL aircraft manufacturer to jointly develop functional coating materials for general purpose aircraft (eVTOL).
Implementing equity incentives and dividends shows the company's confidence. The company announced the 2024 restricted stock incentive plan on August 24. It plans to implement incentives for 68 people, including company directors, senior management, core technicians, and core executives, at a price of 19.11 yuan. In addition, the unlocking conditions are also relatively relaxed, but they are higher than the average growth rate for the past three years: based on operating income and net profit in 2023, the growth rates of operating income and net profit from 2024 to 2026 were not less than 20%, 44%, and 72.80%, respectively. At the same time, the company has implemented dividends for 4 consecutive years since its listing. Each year, the amount of cash dividends accounts for more than 30% of the net profit of the consolidated statement for the current year, and the overall return is excellent.
Investment in R&D continues to be increased, and long-term growth can be expected. The company is a company that invests heavily in R&D. The R&D expenditure rate reached 13.94% in the first three quarters of 2024, and continues to expand its range of leading products. Furthermore, the company continues to expand product categories (paint → ink → adhesive) and downstream application scenarios (consumer electronics → automobiles → special equipment). From the 10 billion to the 100 billion market, it is expected that there is plenty of room for growth.
Investment advice: We expect the company's revenue for 2024-2026 to be 0.818/1.061/1.385 billion yuan, respectively, +38.6%/+29.8%/+30.5%; net profit to mother of 0.129/0.15/0.207 billion yuan, respectively, +59.0%/+16.2%/+37.8% year-on-year, respectively. The P/E corresponding to the current stock price is 38/33/24x, respectively. Considering that the company's performance is expected to usher in a high growth rate in the next 3 years, and at the same time has the scarce nature of import substitution on the track, we gave the company 40x P/E in 2025, with a target share price of 53.6 yuan/share. Maintain a “strong” rating.
Risk warning: 3C demand for mobile phones, notebooks, etc. has not recovered, new projects in the automotive sector have fallen short of expectations, etc.
