2024 前三季度公司实现营收2.73 亿元，同比增长10.53%，实现归母净利润5716.53 万元，同比增长37.25%。其中第三季度实现营收1 亿元，同比增长15.29%，环比增长8.26%，实现归母净利润2051.31 万元，同比增长32.20%，环比增长9.63%，自2023 年第四季度开始，公司连续4 个季度归母净利润同比和环比均呈现逐季度递增的趋势。业绩增长的主要原因是：1）利用国产替代优势积极开拓新客户，同时高毛利的电镀专用化学品销售占比稳步提升；2）理财收益及银行存款利息收入增加。The company announced on the evening of October 29:1) The three-quarter report of 2024: The company achieved revenue of 0.273 billion yuan in the first three quarters of 2024, with a year-on-year increase of 10.53%, and achieved net profit of 57.1653 million yuan, an increase of 37.25% over the previous year; 2) The company plans to transfer 4.5 shares to all shareholders for every 10 shares without bonus shares; 3) The company plans to change its registered address and move from Zhuhai, Guangdong to Pudong, Shanghai; 4) Shi Jianbin, Deputy Secretary General of the Shanghai Integrated Circuit Association, was elected as the company's independent director. Our comments on this are as follows:
Key points of investment
Steady growth in performance, mainly due to the replacement of domestic products and an increase in the share of high-margin products
In the first three quarters of 2024, the company achieved revenue of 0.273 billion yuan, a year-on-year increase of 10.53%, and achieved net profit to mother of 57.1653 million yuan, an increase of 37.25% over the previous year. Among them, the third quarter achieved revenue of 0.1 billion yuan, up 15.29% year on year, up 8.26% month on month, and achieved net profit of 20.5131 million yuan, up 32.20% year on year and 9.63% month on month. Starting from the fourth quarter of 2023, the company's net profit to mother showed a trend of increasing quarter-on-year and quarter-on-month for 4 consecutive quarters. The main reasons for the increase in performance are: 1) using domestic substitution advantages to actively develop new customers, while the share of high-margin electroplating specialty chemical sales is steadily increasing; 2) wealth management income and bank deposit interest income have increased.
Relocated to Shanghai+additional independent directors, semiconductor business continues to improve and await takeoff
While consolidating its position in the PCB electronic chemicals market, the company is also increasing investment in materials related to the integrated circuit field, such as advanced packaging and advanced manufacturing processes, to create a second growth curve. According to the 2023 white paper on the top 100 cities with comprehensive competitiveness in the global integrated circuit industry published by the World Integrated Circuit Association, Shanghai ranked 5th in the world and 1st in mainland China. The company moved its registered address from Zhuhai, Guangdong to Pudong, Shanghai, and will make full use of the advantages of the Shanghai IC industry in terms of industrial policy, industrial capital, and talent.
At the same time, the company plans to select Shi Jianbin as an independent director. Shi Jianbin is the Deputy Secretary General of the Shanghai Integrated Circuit Industry Association and a project team expert from government agencies such as the Shanghai Economic and Credit Commission and the Pudong New Area Science and Economic Commission. Familiar with Shanghai's integrated circuit industry policy, he has presided over the preparation of a number of integrated circuit industry policies, industry consulting reports and plans. Since 2014, I have participated in the preparation of the “Shanghai Integrated Circuit Industry Development Research Report” for 9 consecutive years. The addition of Shi Jianbin as an independent director will help the company understand industrial policies, obtain industrial resources, and help the company develop its semiconductor business.
The company has previously set up a R&D team led by the new CTO Dr. Han Zuoyan (who has worked in Dow, DuPont, and Huawei's 2012 laboratories), covering everything from advanced packaging to electroplating products related to advanced processes (including but not limited to electroplated copper columns, rewiring layers, silicon holes, and glass through-hole electroplating), and downstream customers are continuously testing and verifying them. This time, it moved to Shanghai+ selected as an independent director, and Shi Jianbin. The company's semiconductor business continues to improve, and it is expected to become a new performance growth point for the company in the future.
Profit forecasting
We are optimistic about the trend of localization substitution in the PCB business and the future growth potential of the semiconductor business. Without considering the impact of transfers on the company's share capital, it is predicted that the company's net profit for 2024-2026 will be 0.075, 0.1, and 0.131 billion yuan, respectively, and EPS will be 1.29, 1.71, and 2.25 yuan respectively. The current stock price corresponds to PE of 73, 55, and 42 times, respectively, maintaining the company's “buy” investment rating.
Risk warning
The risk of the company's product development and sales falling short of expectations, the risk of downstream demand falling short of expectations, the risk of industry competition intensifying, the risk of domestic substitution trends falling short of expectations, the risk of falling short of expectations in the semiconductor business, the risk of falling short of expectations in the semiconductor business, downward macroeconomic risks, and systemic risks in the general market.
