单季度营收创历史新高，产品结构不断优化。公司2024 年前三季度实现营收5.7 亿元，同比增长45.1%，净利润为2.0 亿元，同比增长26.64%，归母净利润为2.0 亿元，同比增长26.6%，前三季度的营收和净利润已经超过去年全年的水平。其中，第三季度单季实现营收2.6 亿元，同比增长45.2%，环比增长46.8%，归母净利润为0.9 亿元，同比增长22.4%，环比增长47.6%。销售毛利率为56.6%， 同比-3.3pct，主要系光电业务发展初期毛利率较低所致，销售净利率为34.5%，同比-5.0pct。总体来看，公司功能性复合材料、高性能光学材料、粘接剂材料三大业务均衡发展，营收大幅增长，盈利能力逐步释放。24 年前三季度研发/销售/管理费率分别为6.6%/5.1%/6.7%，同比-0.6/-0.6/-0.38pct，费用降本增效成果显著，盈利能力稳步提升。Event: On December 5, the company released a foreign investment report
The high-performance optical materials business continues to grow, and foreign investment is being built to build new manufacturing bases to expand production capacity. On December 5, the company issued a foreign investment announcement. It plans to invest in the construction of a “high-performance optical material manufacturing base project” in the Wujiang Economic and Technological Development Zone in Suzhou City. The total investment of the project is about 2.2 billion yuan, including fixed asset investment of about 1.5 billion yuan and groundbreaking capital of about 0.7 billion yuan. The funding source is the company's own or self-financing. It is currently in the preliminary preparation and planning stage. The project construction period is expected to be 3-5 years.
High-performance optical materials are expected to be the fastest growing business segment of the company in the next few years. They have the characteristics of difficult verification, long verification cycle, high technical threshold, and large size. As the localization process of optical materials accelerates, the company's high-performance optical materials business continues to grow. It has taken the lead in localization development for some products. New optoelectronic products have been certified by new customers and mass-produced and sold. Currently, R&D and verification of other optical materials is being carried out simultaneously. Therefore, there is an urgent need to expand production capacity, speed up the layout of high-end optical materials product lines, and establish a long-term competitive domestic leading optical materials platform. Through this investment project, it is expected to further expand the company's functional materials business layout, expand the company's product application areas, and enhance the company's innovation and manufacturing capabilities in the field of high-performance optical materials.
Revenue in a single quarter reached a record high, and the product structure was continuously optimized. The company achieved revenue of 0.57 billion yuan in the first three quarters of 2024, a year-on-year increase of 45.1%, net profit of 0.2 billion yuan, a year-on-year increase of 26.64%, and net profit to mother of 0.2 billion yuan, an increase of 26.6% over the previous year. The revenue and net profit for the first three quarters have already exceeded the level of last year. Among them, the third quarter achieved revenue of 0.26 billion yuan in a single quarter, up 45.2% year on year, 46.8% month on month, and net profit to mother of 0.09 billion yuan, up 22.4% year on year and 47.6% month on month. Gross sales margin was 56.6%, -3.3 pct year on year, mainly due to low gross margin in the early stages of optoelectronics business development. The net sales margin was 34.5%, or -5.0 pct year on year. Overall, the company's three major businesses of functional composites, high-performance optical materials, and adhesive materials developed in a balanced manner, with significant revenue growth and gradual release of profitability. The R&D/sales/management rates for the first three quarters of 24 were 6.6%/5.1%/6.7%, respectively, compared with -0.6/-0.6/-0.38pct. The results of cost reduction and efficiency were remarkable, and profitability increased steadily.
Focusing on functional materials, it covers a wide range of businesses. Judging from the long-term strategic layout, the company will gradually form a product structure based on the three categories of high-performance optical materials, functional electronic materials, and functional adhesives in the future. Among them, functional electronic materials are the company's current main business. The company will continue to expand new customers and new application scenarios in this type of business, and stand-alone value is expected to increase as AI terminals accelerate; high-performance optical materials are the company's growth business, speeding up the expansion of optical material production capacity; functional adhesives are the company's seed business, and the new plant in Zhangjiagang has entered the trial production stage, and the future will be a new growth point for the company.
Profit forecast and investment rating: We are optimistic that the company will fully benefit from the steady development of the consumer electronics, automotive and optoelectronic module business, and that the future recovery in downstream demand will fully benefit the company. We predict that in 2024/2025/2026, the company's net profit to mother will be 0.24/0.34/0.44 billion yuan. The current market value corresponds to PE of 22/16/12 times, maintaining a “buy” rating.
Risk warning: Project progress falls short of expectations, downstream demand recovery falls short of expectations