投资建议：公司业绩超预期，传统业务稳健，设备新品进展顺利。我们预计公司2024-2026 年归母净利润为1.52/2.20/2.61 亿元，EPS 为1.60/2.32/2.75 元，对应PE 为32.37/22.32/18.84 倍，维持“增持”评级。Incident: The company released its 2024 three-quarter report. In the first three quarters, the company achieved revenue of 1.07 billion yuan, +18.41% year on year, realized net profit of 0.103 billion yuan, +23.05% year on year, minus 0.092 billion yuan in non-net profit, +35.82% year on year, gross profit margin of 40.20%, and +0.75pct year on year.
Performance exceeded expectations, operating profit was impressive: 3Q2024 achieved revenue of 0.476 billion yuan, +41.02% YoY +40.97%, net profit to mother of 0.049 billion yuan, +38.99% /month-on-month +70.39%, net non-net profit 0.039 billion yuan, +49.58% YoY/41.02% month-on-month, gross profit margin 39.91%, year-on-year -2.03pct/month-on-month -0.30pct. The company's revenue increased rapidly in a single quarter, and profits increased sharply at the same time, mainly due to the increase in revenue from the camera module optoelectronic active inspection business. At the same time, the laser business maintained steady growth, making a steady contribution to profit growth. Considering the impairment impact of about 41.79 million yuan (about 28.58 million yuan for the same period in 2023), the company's operating profit performance was impressive after addition.
The laser business is steady, and module inspection+perovskite equipment is progressing smoothly: Lasers: The company's laser products reduce costs and increase efficiency for customers. Since 2Q2023, strategic adjustments have been made to continuous light lasers, product profitability has continued to be repaired, and we remain optimistic about the continued increase in revenue growth throughout the year. Module inspection: In terms of camera inspection, benefiting from the iteration of customer camera technology, the popularization of high-end camera technology, and the vigorous expansion of domestic module manufacturers, the company has fully covered all camera inspection projects and is expected to continue to contribute to performance growth in the next two years; the VCSEL chip module inspection business has developed new testing equipment in response to customer update needs, and the current prototype has passed customer verification, and is expected to go overseas in the future; the MR optical inspection business continues to cooperate exclusively with customers to promote R&D related to AR equipment. Currently, there are many projects under development. Most pre-developed models will be delivered within the year. Perovskite: The company's perovskite film cutting equipment has obtained a leading position in the industry in terms of technical parameters and industry reputation. By the end of the third quarter, it had received order requests from many customers, and delivery and acceptance work continued to advance, while actively cooperating with customers to land on GW grade production lines.
Investment advice: The company's performance has exceeded expectations, traditional business is steady, and new equipment products are progressing smoothly. We expect the company's 2024-2026 net profit to be 0.152/0.22/0.261 billion yuan, EPS is 1.60/2.32/2.75, and the corresponding PE is 32.37/22.32/18.84 times, maintaining the “increase” rating.
Risk warning: the industrialization of new products falls short of expectations; the risk that demand for new energy sources falls short of expectations; the risk of falling consumer electronics demand; and the risk of fluctuations in raw material supply and prices.
