2024Q1-3 公司期间费用率10.42%，同比+0.35pcts。其中销售、管理、财务及研发费用率分别同比-0.06pcts、-0.7pcts、+0.78pcts、+0.34pcts。通讯电子及消费电子领域：公司把握AI 终端产品带来的市场机遇，加大研发创新，提前做好相关技术布局，公司针对AI 相关产品带来的高阶HDI 及SLP 等产品的产能需求，公司加快推进淮安三园区高阶HDI 及SLP 印刷电路板扩产项目。车用产品的开发领域：2024 年上半年，公司雷达运算板与自动驾驶域控制板产品持续放量成长，相关产品已与多家国内tire1 厂商展开合作，同时取得了国际级tire1 客户的认证通过，预计下半年开始量产出货。服务器领域：得益于AI 服务器出货量成长显著，2024 年上半年公司相关业务产品显著成长，公司积极把握AI 服务器市场发展机遇，一方面推动淮安园区与国内外服务器大厂的合作，目前多家新客户陆续进入认证、测试及样品阶段，另一方面，以对标最高等级服务器产品为方向，加快泰国园区建设进程。其中，公司泰国园区一期计划投资2.5 亿美金，预计2025年下半年认证打样。The company's 2024Q3 revenue increased month-on-month, profitability recovered month-on-month, and maintained a “buy” rating
The company released its 2024 three-quarter report. 2024Q1-Q3 achieved operating income of 23.487 billion yuan, +14.82%; net profit to mother of 1.974 billion yuan, +7.05% year over year; net profit after deducting non-return to mother of 1.929 billion yuan, +8.89% year over year; gross profit margin of 20.47%, +0.18 pcts year on year, net profit margin of 8.40% and 0.61 pcts year on year. Among them, 2024Q3 achieved revenue of 10.36 billion yuan, +16.14% year over month, +60.89% month on month; net profit of 1.19 billion yuan, +15.26% year on month, +314.66% month on month; net profit without return to mother of 1.173 billion yuan, +13.71% year over year, +365.37% month on month; gross profit margin of 23.62%, +0.78 pcts month on month, +8.14 pcts month on month. As a leader in the consumer electronics PCB industry, the company will benefit deeply from the recovery of the consumer electronics industry and the AI boom. We maintain the 2024-2026 profit forecast. We expect the 2024-2026 net profit to be 3.552/4.417/4.862 billion yuan, corresponding EPS is 1.53/1.91/2.10 yuan, and the current stock price is 23.9/19.2/17.5 times, maintaining a “buy” rating.
The comprehensive layout of various fields blossomed and consolidated the foundation for future growth
The cost rate for the 2024Q1-3 company period was 10.42%, +0.35pcts year-on-year. Among them, sales, management, finance, and R&D expense ratios were -0.06pcts, -0.7pcts, +0.78pcts, and +0.34pcts, respectively. In the field of communications electronics and consumer electronics: The company grasps the market opportunities brought by AI terminal products, increases R&D and innovation, and prepares relevant technical layouts in advance. In response to the production capacity demand for high-end HDI and SLP products brought by AI-related products, the company is accelerating the production expansion project for high-end HDI and SLP printed circuit boards in Huai'an's three parks. Automotive product development field: In the first half of 2024, the company's radar operation board and autonomous driving domain control board products continued to grow in volume. Related products have cooperated with many domestic tire1 manufacturers, and have also been certified by international tire1 customers. Mass production and shipment is expected to begin in the second half of the year. Server sector: Thanks to significant growth in AI server shipments, the company's related business products grew significantly in the first half of 2024. On the one hand, the company actively grasped the AI server market development opportunities. On the one hand, it promoted cooperation between Huai'an Park and major domestic and foreign server manufacturers. Currently, many new customers have entered the certification, testing and sample stage one after another. On the other hand, it is aimed at benchmarking the highest-grade server products to speed up the construction process of the Thai park. Among them, the company plans to invest 0.25 billion US dollars in the first phase of the Thai park, which is expected to be certified in the second half of 2025.
Risk warning: The recovery in industry sentiment falls short of expectations, product development falls short of expectations, and the competitive landscape of the industry intensifies.
