从2024 年Q3 单季度来看，收入为60.01 亿元，环比增速3.50%，同比增速0.04%；归母净利润为2.30 亿元，环比增速2.53%，同比增速85.32%；毛利率和净利率分别为14.64%、4.33%，同比变化分别为1.93、2.03 个百分点，环比变化分别为-1.35 、0.02 个百分点； 销售费用率/ 管理费用率/ 研发费用率分别为0.28%/2.14%/4.74%，同比变化分别为0.04/0.13/0.61 个百分点。Key points of investment
The company released its three-quarter report for 2024. In the first three quarters of 2024, it achieved operating income of 17.081 billion yuan, a year-on-year growth rate of 7.38%; realized net profit of 0.553 billion yuan, a year-on-year growth rate of 967.83%; and realized net profit of 0.541 billion yuan after deduction, a year-on-year growth rate of 438.98%.
Steady growth in Q3 revenue and profit in 2024
Looking at the 2024 Q3 single quarter, revenue was 6.001 billion yuan, 3.50% month-on-month growth rate, 0.04% year-on-year; net profit to mother was 0.23 billion yuan, 2.53% month-on-month growth rate, 85.32% year-on-year growth rate; gross margin and net margin were 14.64% and 4.33%, respectively, with year-on-year changes of 1.93 and 2.03 percentage points, respectively; sales expense rate/ management expense rate/ R&D expense ratio, respectively 0.28%/2.14%/4.74%, year-on-year changes were 0.04/0.13/0.61 percentage points, respectively.
AI is a strong driver for the growth of advanced packaging
According to Gartner's forecast, the global AI chip market will increase 33% to $71.3 billion in 2024, and is expected to grow further 29% to $92 billion in 2025. The data center business of the company's customer AMD is growing rapidly, and AMD raised the 2024 AI chip revenue forecast to more than 5 billion US dollars at the 2024 three-quarter results meeting. As demand for AI chips grows, advanced packaging production capacity has become one of the bottlenecks in AI chip shipments.
Relying on years of cooperation and first-mover advantage with leading companies in the industry such as AMD, the company maintained steady growth in the high-performance packaging business in the first half of the year based on growing demand for high-end processors and AI chips. At the same time, the company is actively expanding production at the Penang plant in line with the requirements of leading customers such as AMD during the period of opportunity for artificial intelligence development.
Leading advanced packaging company, it is recommended to keep an eye on it
Considering the slow recovery in downstream demand in the industry, we expect the company's revenue for 2024-2026 to be 23.951/29.306/35.272 billion yuan, with year-on-year growth rates of 7.55%/22.36%/20.36%, respectively; net profit to mother of 0.79/1.126/1.524 billion yuan, with year-on-year growth rates of 366.42%/42.42%/35.37% respectively; 3-year CAGR is 107.95%, EPS 0.52/0.52/ 0.74/1.00 yuan, corresponding PE is 52/36/27 times, respectively.
Given the company's leading position in high-performance advanced packaging, it is recommended to stay tuned.
Risk warning: competition increases risk, risk of terminal demand recovery falling short of expectations, risk of international trade friction
