积极开拓市场，收入大幅提升。2024 年前三季度，由于收购拜安实业纳入合并范围及加华微捷销售收入增长，公司收入大幅增长，前三季度公司实现营业收入7.39 亿元，同比增长41%；实现归母净利0.56 亿元，同比增长19.53%。从三季度单季来看， 2024 年三季度公司实现营业收入3.18 亿元，同比增长71.33%，环比增长21.57%；实现归母净利0.25 亿元，同比增长70.20%，环比增长6.80%；从毛利率水平来看，公司三季度毛利率为36.83%，同比下降0.25 个百分点。Incidents:
On October 23, 2024, Guangku Technology released its 2024 three-quarter report: for the first three quarters of 2024, the company achieved operating income of 0.739 billion yuan, an increase of 41% year on year; net profit attributable to shareholders of listed companies was 0.056 billion yuan, an increase of 19.53% year on year.
Opinions:
Actively explore the market and increase revenue significantly. In the first three quarters of 2024, due to the acquisition of Bai'an Industrial included in the scope of the merger and the increase in sales revenue of Jiahua Weijie, the company's revenue increased dramatically. In the first three quarters, the company achieved revenue of 0.739 billion yuan, an increase of 41% over the previous year; it achieved net profit of 0.056 billion yuan to mother, an increase of 19.53% over the previous year. Looking at a single quarter of the third quarter, the company achieved operating income of 0.318 billion yuan in the third quarter of 2024, up 71.33% year on year and 21.57% month on month; achieved net profit to mother of 0.025 billion yuan, up 70.20% year on year and 6.80% month on month; judging from the gross margin level, the company's gross margin for the third quarter was 36.83%, down 0.25 percentage points year on year.
The rapid development of the fiber laser industry is driving the company's demand for fiber laser devices to grow. Due to the upgrading of the traditional manufacturing industry, the share of fiber lasers in industrial lasers is increasing year by year, and the continuous rapid growth of the fiber laser industry has brought good development opportunities to the fiber laser device industry. The company entered the field of fiber laser devices earlier and has accumulated rich R&D experience and a large number of high-quality well-known customers. The company is leading the development direction of the industry in various aspects such as product type, power load capacity, reliability, miniaturization and integration, and enjoys a high brand recognition in the industry. At the same time, the company's self-developed products such as 10kW laser combiners, 3kW fiber gratings, 500W isolators, and 10kW laser output have reached the world's advanced level.
Profit forecast and investment rating: The company occupies an important position in the optoelectronic device industry. Its products are widely used in core fields upstream of the industrial chain such as optical fiber lasers, optical fiber communication and data centers. The company's products have successfully entered the global market, and the products are exported to more than 40 countries and regions. We assume that the company's revenue growth rates in 2024-2026 are 28.53%, 23.59%, and 31.57%, respectively. Based on this, we expect the company to achieve operating income of 0.912 billion yuan, 1.128 billion yuan, 1.484 billion yuan, and net profit to mother 0.085 billion yuan, 0.116 billion yuan, and 0.163 billion yuan respectively. The PE corresponding to the current stock price is 152.4, 111.0, 79.0 times Referring to the average valuation of comparable companies in 2024, the average valuation is 79.6 times PE. Since the company has become a core supplier of passive devices, it has high popularity in the industry. In particular, it has many core patented technologies in the field of bias protection and high power devices, has strong technical advantages, and maintains an “increase” rating.
Risk warning: adverse changes in the macro environment; operator investment falls short of expectations; global AI development process falls short of expectations; 5G-A development progress falls short of expectations; exchange rate risk; risk of trade friction.
