公司利润短期承压，研发投入规模增大彰显信心。公司2024Q3 实现营业收入5.01 亿元，同比增长9.39%，归母净利润0.66 亿元，同比降低45.92%。利润下降主要系公司设备折旧、股权激励及人工等成本费用增加所致。公司前三季度研发投入1.10 亿元，同比增长45.84%，持续增大的研发投入彰显公司对于新技术未来发展的信心。Incidents:
Qizhong Technology released its report for the third quarter of 2024. The company achieved operating income of 1.435 billion yuan in the first three quarters of 2024, +25.11% year on year; net profit to mother of 0.228 billion yuan, -6.76% year on year; net profit after deducting non-return to mother 0.22 billion yuan, +2.00% year on year.
Comment:
The company's profits are under pressure in the short term, and the increase in the scale of R&D investment shows confidence. In 2024Q3, the company achieved operating income of 0.501 billion yuan, a year-on-year increase of 9.39%, and net profit to mother 0.066 billion yuan, a year-on-year decrease of 45.92%. The decline in profit was mainly due to the increase in the company's equipment depreciation, equity incentives, and labor costs. The company invested 0.11 billion yuan in R&D in the first three quarters, an increase of 45.84% over the previous year. The continued increase in R&D investment shows the company's confidence in the future development of new technologies.
Q4 The outlook is generally cautious, with different downstream performances mixed. Looking ahead to Q4, in terms of the overall environment, the global economy is recovering slowly, and the outlook needs to be further observed. Demand for small-sized Q4 express orders increased significantly, rising steadily; the large-size Q4 is affected by policies such as production control and trade-in, and is expected to require inventory recovery; AMOLED penetration continues to increase, but due to the overall environmental impact, the increase is not as good as expected; for the non-display chip market, the Cu bump for PMIC market reached a record high in Q3, and the estimate for Q4 declined slightly; the consumer market for DPS for RF front-end chips has declined slightly compared to Q2. Helpful.
The penetration rate of AMOLED products continues to increase, and the company's revenue is expected to reach a new high. In the field of display panels, the global market shipped about 0.42 billion AMOLED smartphone panels in the first half of 2024, an increase of 50.1% over the same period last year. The penetration rate of AMOLED products in the smartphone, tablet and other fields continued to increase. The company's revenue is expected to reach a new high in the field of display panels.
Actively explore technology migration paths and continue to expand the business layout. The company extended bump technology to the field of non-display chip packaging and measurement, realized the full-process fan-in wafer-level chip size packaging (Fan-in WLCSP) technology from bump manufacturing to post-stage packaging, and has successfully introduced it to customers to achieve mass production.
Profit forecast and investment advice: We expect the company's revenue for 2024-2026 to be 1.97/2.27/2.59 billion yuan, respectively, and net profit to mother 0.35/0.37/0.41 billion yuan, respectively. The corresponding PE is 43x/40x/37x, respectively. Covered for the first time, a “gain” rating was given.
Risk warning: competition intensifies; risk of weakening panel sentiment; profit forecasts fall short of expectations.
