从2024年Q3单季度来看，公司24Q3实现营业收入2.99亿元，同比+32.74%，环比+19.55%；实现归母净利0.38亿元，同比+375.02%，环比+102.82%；实现扣非归母净利润0.29亿元，同比+1396.22%，环比+73.14%。Key points of investment:
Event: The 24Q3 performance was outstanding, with rapid year-on-year growth.
Changhong Technology's report for the third quarter of 2024 shows that in the first three quarters of 2024, the company achieved operating income of 0.782 billion yuan, +5.86% year-on-year; realized net profit to mother of 0.081 billion yuan, or +61.11% year-on-year.
Looking at the 2024 Q3 single quarter, the company achieved operating income of 0.299 billion yuan, +32.74%, and +19.55% month-on-month; achieved net profit of 0.038 billion yuan, +375.02% year-on-year, and +102.82% month-on-month; realized net profit without return to mother 0.029 billion yuan, +1396.22% year-on-year, and +73.14% month-on-month.
The wafer carrier FOUP received its first mass production order. Verification of mask boxes for lithographers is progressing, and semiconductor growth engines are gaining momentum.
At present, the FOUP (wafer carrier for a 12-inch wafer factory) produced by the company's subsidiary has received a purchase order from a mainstream domestic wafer manufacturer. This is the first time that the company has achieved mass production in the wafer carrier field. It is expected that it will continue to receive orders from customers in the future, which is expected to continue to inject momentum into the company's performance. At the same time, the company's photomask carrier for lithography machines has been successfully developed, and the customer verification process is being carried out in an orderly manner. The mask carrier is used for transportation and storage of mask templates in lithographers. It needs to have strong anti-pollution ability and extremely high manufacturing accuracy and stability. Its design and manufacture directly affect the quality and efficiency of lithography. The company's photomask carrier is being implemented at an accelerated pace and is continuously expanding its blueprint for the semiconductor field.
The advantages of cost, efficiency, technology, etc. are remarkable, and the growth momentum of the medical field continues.
The accelerated aging of the population has caused the medical device market to continue to expand. At the same time, localization of the overseas medical supply chain is an inevitable choice for overseas companies to save costs. Under this trend, the company seizes opportunities and continues to deepen cooperation with its one-stop solutions and strong technical strength to accelerate the improvement of stable production capacity guarantees for the global market. Technical advantages and high customer stickiness are expected to continue to increase the company's profitability and bring continuous and strong performance momentum.
Profit forecasting and investment advice
The company has received its first mass production order for wafer carriers in the semiconductor field. Verification of the new product mask carrier is being accelerated. At the same time, the company's medical business segment is also expanding at an accelerated pace. Framework agreements have been reached with many well-known customers in the industry, and growth can be expected. We expect the company's 2024-2026 revenue to be 1.132/1.505/1.903 billion yuan (previous value was 1.166/1.538/1.949 billion yuan); realized net profit to mother of 0.115/0.205/0.297 billion yuan (previous value was 0.121/0.213/0.308 billion yuan), corresponding to the current PE valuation of 95.5/53.2/36.9 times, maintaining the company's “buy” rating.
Risk warning:
There is a risk that macroeconomic and downstream demand falls short of expectations, geopolitical risks, industry policy risks, market competition exacerbates risks, and risks that new business development falls short of expectations.
