平台型公司多板块共同成长，海外业务高速增长。2024 年前三季度，公司吸附分离材料营业收入为14.60 亿元，占比为77.19%；系统装置营业收入3.66 亿元，占比为19.36%。公司吸附分离材料占营业总收入比例持续提升，以生命科学、金属等为代表的高毛利产品增速明显，带动吸附分离材料毛利率提升。2024 年前三季度，公司实现海外业务收入4.9 亿元，同比增长48%。Description of the event
Lanxiao Technology released its 2024 three-quarter report. In the first three quarters of 2024, the company achieved operating income of 1.892 billion yuan, a year-on-year increase of 19.99%; net profit to mother was 0.596 billion yuan, an increase of 15.10% over the previous year. In the third quarter of 2024, the company achieved revenue of 0.597 billion yuan, up 4.92% year on year, down 10% month on month; realized net profit to mother of 0.192 billion yuan, up 11.71% year on year, down 18.13% month on month. The gross margin for the third quarter was 51.2%, up 1.76pct from the second quarter, and the net margin was 32.26%, down 3.69pct from the second quarter.
Incident reviews
Platform-based companies have grown together in multiple sectors, and overseas business is growing rapidly. In the first three quarters of 2024, the company's revenue for adsorption and separation materials was 1.46 billion yuan, accounting for 77.19%; system equipment revenue was 0.366 billion yuan, accounting for 19.36%. The share of the company's adsorption and separation materials in total revenue continues to rise. The growth rate of high-margin products represented by life sciences, metals, etc. is obvious, driving the gross margin of adsorption and separation materials to increase. In the first three quarters of 2024, the company achieved overseas business revenue of 0.49 billion yuan, an increase of 48% over the previous year.
Internationalization is an important sustainable competitive advantage for the company.
Progress in the field of water treatment and ultrapurification: continuous certification testing of ultrapure water resins in semiconductor chips, panels, and photovoltaics. In the first three quarters of 2024, the company completed testing or online operation of electronic grade homogenized granular resins in memory and other chip manufacturers, and the performance indicators fully met the strict requirements of chip-level manufacturing. In terms of panels, the company has further increased its market share by participating in and promoting resin share replacement in existing systems and newly built production lines of domestic panel companies. At present, the company has reached resin replacement/intention with photovoltaic, panel, and semiconductor chip companies. In the future, the certification of homogenized resin in the field of ultrapure water will continue to be accelerated to achieve a steady increase in order volume.
Investment advice
We predict that from 2024 to 2026, the company will achieve revenue of 2.852/3.559/4.344 billion yuan, up 14.6%/24.8%/22.0% year on year; net profit to mother of 0.924/1.186/1.463 billion yuan, up 28.9%/28.3% year on year, corresponding EPS of 1.83/2.35/2.9 yuan, PE 27.6/21.5/17.5 times, maintaining a “buy-B” rating.
Risk warning
Regulatory risk due to expansion of business scale; market competition risk; recovery risk of accounts receivable; risk of loss of core technical personnel and technology leakage; risk of international business expansion.
