面板业务显著改善，半导体业务稳步成长。2024Q3 公司显示、半导体、新能源业务分别实现收入4.93 亿元、1.80 亿元、0.29 亿元，同比增速分别为55.96%、108.36%、51.86%；2024 年前三季度公司显示、半导体、新能源业务分别实现收入12.68 亿元、4.08 亿元、1.23 亿元，同比增速分别为20.54%、95.33%、-51.51%。截至报告披露日，公司取得在手订单金额总计约31.68 亿元，其中显示领域在手订单约8.31 亿元、半导体领域在手订单约16.90 亿元、新能源领域在手订单约6.46 亿元。在半导体检测领域，公司核心产品已覆盖先进制程，膜厚产品、OCD 设备以及电子束缺陷复查设备已取得先进制程重复性订单；截至报告披露日，公司关于先进制程工艺节点的明场缺陷检测设备已完成交付。Description of the event
Recently, Precision Electronics released its report for the third quarter of 2024. 2024Q3 achieved revenue of 0.71 billion yuan, an increase of 63.35% year on year; realized net profit of 0.032 billion yuan, up 231.25% year on year; realized deducted non-net profit of 0.004 billion yuan, an increase of 110.24% year on year; gross margin was 43.97%, a decrease of 4.6 pct year on year. In the first three quarters of 2024, the company achieved revenue of 1.831 billion yuan, an increase of 18.50% year on year; realized net profit of 0.082 billion yuan, turning a loss into a profit year on year; realized deducted non-net profit of 0.0007 billion yuan, turning a year-on-year loss into a profit; and gross margin was 43.43%, a decrease of 1.7 pct year over year.
Incident comments
The panel business improved significantly, and the semiconductor business grew steadily. According to 2024Q3, the semiconductor and new energy businesses achieved revenue of 0.493 billion yuan, 0.18 billion yuan, and 0.029 billion yuan respectively, with year-on-year growth rates of 55.96%, 108.36%, and 51.86%, respectively; in the first three quarters of 2024, the company showed that the semiconductor and new energy businesses achieved revenue of 1.268 billion yuan, 0.408 billion yuan, and 0.123 billion yuan respectively, with year-on-year growth rates of 20.54%. 95.33%, -51.51% As of the disclosure date of the report, the company had obtained a total order amount of about 3.168 billion yuan, which showed that on-hand orders in the field were about 0.831 billion yuan, in-hand orders in the semiconductor sector were about 1.69 billion yuan, and in-hand orders in the new energy sector were about 0.646 billion yuan. In the field of semiconductor testing, the company's core products have covered advanced manufacturing processes. Film thickness products, OCD equipment, and electron beam defect review equipment have obtained repeated orders for advanced processes; as of the disclosure date of the report, the company's brightfield defect detection equipment for advanced process nodes has been delivered.
R&D investment continues to be intense, and Nuggets Semiconductor tests high-quality tracks. In the first three quarters of 2024, the company's R&D expenses were 0.468 billion yuan, an increase of 6.7% over the previous year, accounting for 25.6% of revenue, and remained at a high level. During the reporting period, the company further increased R&D investment in the semiconductor field and achieved the delivery of bright field defect detection equipment for advanced process nodes. Semiconductor measurement equipment is the key to ensuring high yield in chip production. It runs through the entire integrated circuit production process. It is one of the core devices. It has the characteristics of large market size, high technical threshold, and many product models. In 2023, its global market size was about 12.8 billion US dollars, second only to etching, thin film, and lithography, accounting for about 12% of the global semiconductor equipment market. Currently, the localization rate is still low, and there is plenty of room for improvement. In addition, the company actively strategically lays out advanced packaging technology and deepens strategic cooperation and binding with core customers through capital increase in Hubei Jiangcheng Laboratory Technology Service Co., Ltd.
The cornerstone business is operating steadily, and there is plenty of space for new businesses. The flat panel display testing business gradually picked up moderately as the downstream market gradually picked up, and the situation began to be gradually repaired and changed. The semiconductor testing and new energy testing business is the company's second growth curve. It has basically formed a layout in all fields of the front and back. Some products have also received batch orders. With the improvement and upgrading of products and the verification and introduction of downstream customers, the semiconductor inspection business has deep potential for development. We expect the company's net profit to be 0.18 billion yuan, 0.33 billion yuan, and 0.47 billion yuan respectively in 2024-2026, and the corresponding PE is 118x, 64x, and 45x, respectively, maintaining a “buy” rating.
Risk warning
1. There is uncertainty about the launch of new products;
2. There is uncertainty about the capital expenditure of the panel industry.
