电镀清洗液等销售规模显著提升，带动公司营收增长、利润增厚。24Q3 公司实现总营收4.06 亿元，同比增长27.40%，其中，半导体业务实现营业收入3.02 亿元，同比增长49.78%，净利润同比增长约160%。核心湿电子化学品电镀液及添加剂、蚀刻清洗液等产品销售规模显著提升，带动公司2024年前三季度总销售毛利润同比增加38.32%至4.15 亿元，毛利率同比提升4.43 个百分点至38.89%。涂料业务受行业竞争加剧及涂料产品价格下降等不利因素影响，第三季度实现营业收入1.04 亿元，同比下降11.14%。Matters:
The company released its 2024 three-quarter report. In 24Q3, it achieved revenue of 0.406 billion yuan, yoy +27.40%; realized net profit of 0.071 billion yuan, yoy +162.16%; non-net profit of 0.048 billion yuan, yoy +164.80%; achieved revenue of 1.067 billion yuan, yoy +22.57% in the first three quarters of 2024; achieved net profit to mother 0.13 billion yuan, yoy +13.99%; to mother After deducting non-net profit of 0.129 billion yuan, yoy +80.79%.
Ping An's point of view:
The sales scale of electroplating cleaning solutions etc. increased significantly, driving the company's revenue growth and profit growth. 24Q3 achieved total revenue of 0.406 billion yuan, an increase of 27.40% year on year. Among them, the semiconductor business achieved operating income of 0.302 billion yuan, an increase of 49.78% year on year, and net profit increased by about 160% year on year. The sales scale of products such as electroplating solutions, additives, and etching cleaning solutions for core wet electronic chemicals increased significantly, driving the company's gross sales profit of 38.32% year-on-year to 0.415 billion yuan in the first three quarters of 2024, and gross margin increased 4.43 percentage points to 38.89% year-on-year. The paint business was affected by adverse factors such as increased competition in the industry and falling paint product prices. The third quarter achieved revenue of 0.104 billion yuan, a year-on-year decrease of 11.14%.
The semiconductor material research and development process is progressing at an accelerated pace. 2024Q3's R&D expenses were 0.058 billion yuan, up 41.6% year on year, accounting for 14.2% of total revenue. R&D expenses for the first three quarters of 2024 reached 0.155 billion yuan, an increase of 47.8% year on year. During the reporting period, the company's R&D projects accelerated, and equipment depreciation costs, materials and testing costs, and remuneration increased year on year. R&D investment is mainly used for photoresists for integrated circuit manufacturing, advanced process wet etching solutions, cleaning solutions, additives, chemical mechanical grinding fluids, etc. The company's immersive ArF photoresist research and development has progressed smoothly. A number of products have been tested and verified by many domestic wafer manufacturers; at the same time, the company's many mature grinding liquid products have been tested and verified by more than 20 customers.
Transfer loss-making assets and optimize resource allocation. The company continued to improve operating costs, and net profit after deducting non-recurring profit and loss increased by 164.80% year-on-year in 24Q3. The company plans to transfer all 51% of the shares of the holding subsidiary Shanghai Xinyang Hase Hi-Tech Materials Co., Ltd. to the outside world. The transferee is Kano Industrial (Shanghai) Co., Ltd. After the transfer is completed, Hays Hi-Tech will no longer be included in the scope of the company's consolidated statements.
Investment proposal: The company continues to advance the R&D and production process of high-end semiconductor materials. New construction projects are progressing as scheduled, the scale of production capacity is expanded, and the sales scale of core semiconductor materials has increased significantly, driving a significant increase in the company's revenue and profit. At the same time, with the gradual improvement of the fundamentals of the semiconductor industry and the acceleration of localization of high-end electronic materials, the company's performance is expected to maintain good growth. It is expected to achieve net profit of 0.202, 0.281, and 0.364 billion yuan (unchanged from the original value) in 2024-2026, corresponding to 2024 10 The closing price of PE on January 29th was 58.4, 42.1, and 32.4 times, respectively. Terminal fundamentals were gradually repaired, the company's semiconductor material sales scale expanded, and performance was improving, maintaining the “recommended” rating.
Risk warning: 1. The growth rate of terminal demand falls short of expectations. If the fundamentals of the semiconductor and other terminal industries fall short of expectations and demand growth lacks momentum, then the growth rate of the company's electronic chemicals business may be limited. 2. The risk of increased market competition and a sharp decline in product prices. If comparable companies achieve technological breakthroughs and drastically increase the scale of production capacity, it may cause the risk of overcapacity for some products and increased market competition, which in turn will lead to a decline in the prices of related products, and gross profit will be drastically reduced. 3. The risk of large fluctuations in raw material prices.
If basic chemical raw materials are affected by extreme climate, overseas geopolitics, etc., manufacturers are prevented from starting construction, supply and demand fundamentals and inventory structures change greatly, then raw material prices may fluctuate greatly, thereby causing the company's production costs to rise sharply.