PCB 工厂稼动率环比仍居于高位，财务费用拖累当期净利。公司24Q3 PCB工厂稼动率环比基本持平，维持在高位水平。若从毛利额来看，公司24Q3实现毛利额12.01 亿元，环比持续稳健增长，彰显公司经营质效。但受汇率波动影响，公司24Q3 产生财务费用0.81 亿元，环比大幅提升从而导致净利环比有所下滑。The company released its three-quarter report for 2024. The company achieved high performance growth in the first three quarters of 24. The company's PCB business fully grasped structural opportunities, and the packaging board industry was speeding up the introduction of high-end products and maintaining the purchase rating.
Key points to support ratings
Product structure optimization+improvement of operating quality and efficiency helped the company increase its performance in the first three quarters of 24. The company achieved revenue of 13.049 billion yuan in the first three quarters of 24 years, +37.92% year over year, realized net profit of 1.488 billion yuan, +63.86% year over year, and realized net profit of 1.376 billion yuan without return to mother, +86.67% year over year. In terms of profitability, the company achieved gross profit margin of 25.91% in the first three quarters of 24 years, achieving a net profit margin of 11.40%, +1.80pcts year over year, achieving a net interest rate of 10.55% without return to mother and +2.75pcts year on year; in a single quarter, the company achieved revenue of 4.728 billion yuan in 24Q3, +37.95%/month-on-month +8.45%, achieving net profit to mother of 0.501 billion yuan, +15.33%/month-on-month Net profit after deducting non-return to mother was 0.472 billion yuan, +51.53% YoY/-16.98% YoY. In terms of gross margin, the company achieved a gross profit margin of 25.40% in 24Q3, +1.96pcs/month-on-month.
The PCB factory operating rate is still high month-on-month, and financial expenses are dragging down current net profit. The operating rate of the company's 24Q3 PCB factory remained flat month-on-month and remained at a high level. In terms of gross profit, the company achieved gross profit of 1.201 billion yuan in 24Q3, which continued to grow steadily from month to month, demonstrating the quality and efficiency of the company's operations. However, due to exchange rate fluctuations, the company generated financial expenses of 0.081 billion yuan in 24Q3, which increased sharply from month to month, leading to a decline in net profit from month to month.
BT substrates await the steady recovery of the industry, and FC-BGA carrier boards accelerate the introduction of high-end products. 1) BT board: According to a report by Juheng Network, the PCB and IC carrier board manufacturer Xinxing 24Q3 operations rebounded, maintaining monthly revenue above NT$10 billion. Xinxing 24Q3's revenue was 31.712 billion NTD, up 13.76% quarterly and 19.46% per year, a record high for 7 quarters. The carrier board market is expected to improve 3-4 months earlier than the larger market, and the company may be expected to benefit at the same time. 2) FC-BGA substrate: After the new plant in Guangzhou was put into operation, the product line capacity was rapidly improved. The company already has mass production capacity for products with 16 layers and below, and sample manufacturing capabilities for products with 16 layers and above. The sample delivery certification work for various levels of products is progressing in an orderly manner.
valuations
Considering the continuous optimization of the company's PCB structure driven by AI, the BT carrier board boom is expected to recover. The company continues to advance the “3 in 1” strategy and gradually open up new markets. At the same time, the company's 24Q3 was affected by exchange rate fluctuations and financial expenses. We adjusted the company's profit forecast. The company is expected to achieve revenue of 17.239/20.462/23.33 billion yuan in 2024/2025/2026, respectively, and realized net profit of 2.073/2.42/2.77 billion yuan, EPS It was 4.04/4.72/5.40 yuan respectively, and the corresponding 2024-2026 PE was 26.0/22.3/19.4 times, respectively.
The company has a certain value for money and maintains a buy rating.
The main risks faced by ratings
Production capacity for packaging substrates fell short of expectations, demand in fields such as AI and automobiles fell short of expectations, and the introduction of new products fell short of expectations.
