Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company has achieved a revenue growth of 33.79% year-on-year in the first three quarters, with total revenue reaching 2.278 billion yuan and a net profit of 271 million yuan, reflecting a slight increase of 0.1% year-on-year [1]. - The third quarter saw a significant revenue increase of 44.67% year-on-year, amounting to 1.011 billion yuan, although net profit decreased by 2.74% year-on-year [1]. - The company's gross margin has decreased to 43.59%, down 6.75 percentage points year-on-year, primarily due to the high costs associated with the validation of new products and processes [1]. - The company continues to invest heavily in research and development, with R&D expenses increasing by 35.75% year-on-year to 481 million yuan [1]. Financial Summary - Revenue projections for 2024-2026 are adjusted to 3.809 billion yuan, 5.170 billion yuan, and 6.635 billion yuan, respectively, with corresponding net profit estimates of 552 million yuan, 916 million yuan, and 1.230 billion yuan [1][2]. - The company's earnings per share (EPS) for 2024 is projected at 1.98 yuan, with a price-to-earnings (P/E) ratio of 78.2 [2][7]. - The gross margin for the third quarter was reported at 39.27%, reflecting a quarter-on-quarter decline of 7.62 percentage points [1][5].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Insights - The company reported a revenue of 1.011 billion yuan in Q3 2024, representing a year-on-year increase of 44.67%. However, the net profit attributable to the parent company decreased by 2.91% to 142 million yuan, and the net profit after deducting non-recurring gains and losses fell by 58.79% to 46 million yuan. The gross margin was 39.27%, down 12.4 percentage points year-on-year [5][6]. - For the first three quarters of 2024, the company achieved a revenue of 2.278 billion yuan, an increase of 33.79% year-on-year, with a net profit attributable to the parent company of 271 million yuan, a slight increase of 0.10%. The net profit after deducting non-recurring gains and losses was 65 million yuan, down 62.72%, and the gross margin was 43.59%, down 6.8 percentage points year-on-year [5][6]. Summary by Sections R&D and Product Development - The company has significantly increased its R&D investment, reaching 480 million yuan in the first three quarters of 2024, a year-on-year growth of approximately 36%, accounting for 21.1% of revenue, which is an increase of 0.3 percentage points. This investment is aimed at expanding new products and processes, as well as optimizing equipment platforms and reaction chambers [5][6]. - The introduction of new products and processes has led to a temporary decline in gross margin due to higher costs during the customer validation phase. However, as these new products achieve scale, the gross margin is expected to stabilize and recover [5][6]. Order Growth and Market Position - The company has seen strong order growth, with its main product PECVD and other products like ALD, SACVD, and HDPCVD contributing to increased orders. The company has upgraded its HDPCVD product to a new hexagonal platform, achieving industry-leading performance [6]. - As of August 2024, the cumulative installation of reaction chambers exceeded 70 units, with expectations to surpass 100 units by the end of 2024. The company is well-positioned to benefit from domestic substitution trends and downstream capacity expansion, leading to sustained high growth in orders and performance [6]. Financial Projections - The company is projected to achieve net profits of 540 million yuan, 970 million yuan, and 1.36 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are expected to be 79x, 43x, and 31x [6].

Investment Rating - The report maintains a rating of "Buy" for the company [1]. Core Views - The company has accelerated the pace of new product acceptance, leading to a quarter-on-quarter revenue increase of 27% in Q3 2024, although gross margins are under short-term pressure due to new product impacts [1][2]. - For the first three quarters of 2024, the company reported revenue of 2.278 billion yuan, a year-on-year increase of 33.79%, while net profit attributable to shareholders was 271 million yuan, showing a slight year-on-year growth of 0.10% [4][5]. Financial Summary - **Revenue (Million Yuan)**: - 2022A: 1,706 - 2023A: 2,705 - 2024E: 3,855 - 2025E: 5,057 - 2026E: 6,426 - **Year-on-Year Growth Rate (%)**: - 2022A: 125.0 - 2023A: 58.6 - 2024E: 42.5 - 2025E: 31.2 - 2026E: 27.1 [1][10]. - **Net Profit (Million Yuan)**: - 2022A: 368 - 2023A: 663 - 2024E: 664 - 2025E: 963 - 2026E: 1,331 - **Year-on-Year Growth Rate (%)**: - 2022A: 438.0 - 2023A: 79.8 - 2024E: 0.2 - 2025E: 45.0 - 2026E: 38.3 [1][10]. - **Key Financial Ratios**: - ROE (%): - 2022A: 9.8 - 2023A: 14.5 - 2024E: 12.8 - 2025E: 15.9 - 2026E: 18.2 [1][10]. - **Earnings Per Share (Latest Diluted)**: - 2022A: 1.32 - 2023A: 2.38 - 2024E: 2.39 - 2025E: 3.46 - 2026E: 4.78 [1][10]. Quarterly Financial Performance - In Q3 2024, the company achieved a revenue of 1.011 billion yuan, representing a quarter-on-quarter growth of 27.14%, with a net profit of 142 million yuan, reflecting a quarter-on-quarter increase of 19.87% [2][3]. - The gross margin for Q3 2024 was reported at 39.27%, down 7.62 percentage points from the previous quarter, indicating a temporary decline due to new product impacts [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 44.67% year-on-year for Q3 2024, achieving revenue of 1.011 billion yuan, while net profit decreased by 2.91% year-on-year to 142 million yuan [3][4] - The company is experiencing a temporary decline in gross margin due to increased costs associated with new product validation, but gross margin is expected to recover as these products transition to mass production [4][6] - The company has a strong order backlog, with a shipment value of 3.249 billion yuan in the first half of 2024, representing a year-on-year growth of 146.5% [4][5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.011 billion yuan, a 44.67% increase year-on-year, while net profit was 142 million yuan, down 2.91% [3][4] - For the first half of 2024, the company reported a shipment value of 3.249 billion yuan, up 146.5% year-on-year, with a significant increase in contract liabilities and inventory levels [4][5] Research and Development - The company invested 481 million yuan in R&D in the first three quarters of 2024, a 35.73% increase year-on-year, focusing on new products and process optimizations [4] - The gross margin for the first three quarters of 2024 was 43.59%, down 6.75% year-on-year, primarily due to the high costs associated with new product validation [4][6] Product Development - The company has expanded its product matrix significantly, achieving full coverage of PECVD materials and successfully validating new ALD and SACVD equipment [5] - The company has received over 25 orders for its PECVD Bianca process equipment and has made progress in client validation for its new products [5] Future Projections - Revenue projections for 2024-2026 are 3.953 billion yuan, 5.633 billion yuan, and 7.215 billion yuan, respectively, with net profits expected to be 656 million yuan, 1.081 billion yuan, and 1.484 billion yuan [6][8] - The company is expected to maintain a strong growth trajectory, with anticipated revenue growth rates of 46.2% in 2025 and 42.5% in 2026 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong revenue growth in Q3 2024, with a year-over-year increase of 44.67% and a quarter-over-quarter increase of 27.14% [3][4] - Despite the revenue growth, the gross margin has seen a temporary decline due to high R&D costs and new process validation expenses [3][4] - The company is expected to lead the domestic equipment market as demand from downstream wafer fabs continues to grow [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.278 billion yuan, representing a year-over-year increase of 33.79% [3] - The net profit attributable to shareholders for the same period was 271 million yuan, a slight increase of 0.1% year-over-year, while the non-recurring net profit decreased by 62.72% year-over-year [3] - The gross margin for Q3 2024 was 43.59%, down 6.75 percentage points year-over-year, and the net margin was 11.41%, down 4.42 percentage points year-over-year [3] - The company has maintained high R&D investment, totaling 481 million yuan for the first three quarters of 2024, an increase of 35.73% year-over-year [4] Revenue and Profit Forecast - The company forecasts net profits for 2024-2026 to be 675 million, 1.064 billion, and 1.344 billion yuan respectively, with corresponding EPS of 2.42, 3.82, and 4.83 yuan [3][6] - The projected P/E ratios for 2024-2026 are 62.5, 39.6, and 31.4 times respectively [3][6] Product Development and Market Position - The company has made significant progress in the development of new products and processes, including PECVD, ALD, SACVD, and HDPCVD, which are now being mass-produced [4] - The introduction of new equipment platforms and reaction chambers has contributed to revenue recognition in Q3 2024 [4]

Investment Rating - The report maintains a "Recommended" rating for the company [1][5] Core Views - The company achieved a revenue of 1.011 billion yuan in Q3 2024, representing a year-on-year growth of 44.67%, while the net profit attributable to shareholders was 142 million yuan, a decrease of 2.91% year-on-year [3] - Revenue growth is attributed to the increasing production scale of new equipment platforms and reaction chambers, while profitability is under short-term pressure due to high client validation costs and significant R&D investments [3][4] - The company’s contract liabilities and inventory have shown stable growth, indicating a healthy order situation, with contract liabilities reaching 2.512 billion yuan, an increase of 81.80% compared to the end of 2023 [3][4] Financial Summary - The company is projected to have net profits of 682 million yuan in 2024, 968 million yuan in 2025, and 1.289 billion yuan in 2026, with corresponding P/E ratios of 62.4X, 43.9X, and 33.0X respectively [4][8] - Revenue is expected to grow from 2.705 billion yuan in 2023 to 6.721 billion yuan in 2026, with a year-on-year growth rate of 58.6% in 2023 and 47.7% in 2024 [4][8] - The gross margin is projected to be 45.9% in 2024, with a net margin of 17.1% [4][8] Operational Insights - The company is recognized as a leading domestic manufacturer of thin-film deposition equipment, with a comprehensive product layout and strong competitive advantages [4][5] - The semiconductor industry in China continues to develop robustly, providing a favorable environment for the company's growth potential [4][5]

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 187.98 CNY [4][8]. Core Insights - The company reported a revenue of 2.278 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 33.79%. The net profit attributable to shareholders was 271 million CNY, a slight increase of 0.10% year-on-year. However, the net profit excluding non-recurring items decreased by 62.72% [2][3]. - In Q3 2024, the company achieved a revenue of 1.011 billion CNY, marking a significant year-on-year increase of 44.67% and a quarter-on-quarter increase of 27.14%. This growth was primarily driven by breakthroughs in client validation of new products and processes [2][3]. - The company continues to invest heavily in R&D, with expenditures reaching 481 million CNY in the first nine months of 2024, an increase of 35.73% year-on-year. This investment is aimed at expanding its product offerings and enhancing process capabilities [3][8]. Financial Performance Summary - For 2024, the company is projected to generate revenues of 4.058 billion CNY, with net profits expected to reach 669 million CNY. The revenue growth rates for the subsequent years are forecasted at 52.75 billion CNY in 2025 and 65.93 billion CNY in 2026 [8][10]. - The company maintains a high R&D investment ratio, which accounted for 21.12% of its revenue in the first three quarters of 2024. This focus on innovation is expected to support future growth [3][8]. - The company's financial metrics indicate a projected PE ratio of 78.00X for 2024, with a corresponding target price of 187.98 CNY based on its growth potential and product advancements [8][10].

欢迎各位参加过境科技2024年前三季及第三季度的业绩说明会。下面由我来向大家报告一下具体的情况。 第三年前三季度的总收入是22.78亿,相对于二三年的前三季同比增长33.79%。 利润基本持平保持在2.7亿左右,没有跟业绩的增长率同数,所以等一下我会讲一下这个情况。扣费后的净利润是6500万。 前三季的营业收入主要受益于它的增长主要受益于公司持续的高强度的研发投入新产品和新工艺器材在客户端取得了一些突破性的进展尤其在PE、CVD、ALD、SA、CVD、HTC以及超高深宽底的高超全通式CVD这些产品都在大规模的量产出货并且不断的 20年前三季度的规模金融利润同比有微小的增长 低于收入的增速这主要是由于前三季毛利率有所下降 有较大幅度的下降前三季的毛利率是43.59% 相较于去年同期降低了6.75个百分点这主要是由于新产品和新工艺的输入在今年占比比较大而这些新产品和新工艺的客户端验证过程中 形成的成本相对较高,这在年初的第一季度的研究说明会我也特别讲了这一些,然后从下一页上大家也能看得到这个趋势。 20年前三期扣费后的这个规模定利率是下降了62.72%这主要是这个公司的这个投资的供应价值变动的收益比较大这个呢是比 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company experienced a continuous high revenue growth in Q3, with a revenue of 1.01 billion yuan, representing a year-on-year increase of 44.7% and a quarter-on-quarter increase of 27.1%. However, the profitability declined due to high costs associated with new product validations [2][3]. - The company's revenue for the first three quarters of 2024 reached 2.278 billion yuan, a year-on-year increase of 33.8%, while the net profit attributable to the parent company was 271 million yuan, a slight increase of 0.1% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 43.59%, down 6.8 percentage points year-on-year, primarily due to high verification costs for new equipment [3]. Financial Performance - The company forecasts total revenue of 3.939 billion yuan for 2024, with a year-on-year growth of 45.62%. The net profit attributable to the parent company is expected to be 697.36 million yuan, reflecting a modest growth of 5.25% [1][6]. - The company’s R&D investment for the first nine months of 2024 was 481 million yuan, an increase of 35.7% year-on-year, aimed at expanding new products and processes [3][4]. - As of Q3 2024, the company had a contract liability of 2.512 billion yuan, up 67.8% year-on-year, and inventory of 7.077 billion yuan, up 66.8% year-on-year, indicating a strong order backlog [4]. Product Development and Market Position - The company is expanding its PECVD field, having achieved full series coverage of PECVD dielectric film materials, with significant orders for its PECVD Bianca equipment [5]. - The first PE-ALD SiN process equipment has passed customer validation and achieved industrial application, while the company continues to receive orders for its Thermal-ALD equipment [5]. - The company has successfully industrialized its HDPCVD and SACVD equipment, with cumulative shipments of HDPCVD reaction chambers reaching 70 units [5].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,010,924,149.20, representing a year-on-year increase of 44.67%[2] - The net profit attributable to shareholders for Q3 2024 was ¥142,190,832.82, a decrease of 2.91% compared to the same period last year[2] - The net profit excluding non-recurring gains and losses for Q3 2024 was ¥45,527,520.87, a significant decrease of 58.79% year-on-year[2] - The net profit for Q3 2024 was CNY 259,911,231.65, a decrease from CNY 269,523,058.52 in Q3 2023, reflecting a decline of approximately 3.7%[23] - Operating profit for Q3 2024 was CNY 254,164,460.66, down from CNY 269,443,418.72 in the same period last year, indicating a decrease of about 5.7%[23] - The company reported a total comprehensive income of CNY 260,144,595.18 for Q3 2024, slightly down from CNY 269,521,528.52 in Q3 2023[24] - Earnings per share for Q3 2024 remained stable at CNY 0.98, unchanged from Q3 2023[24] Research and Development - The R&D investment totaled ¥166,215,145.17 in Q3 2024, an increase of 15.47% year-on-year, accounting for 16.44% of operating revenue[3] - Research and development expenses increased to CNY 480,528,570.16 in 2024, compared to CNY 354,029,824.11 in 2023, marking a 35.7% rise[22] - The company plans to continue expanding its product lines and enhancing R&D efforts, with a focus on new equipment platforms and reaction chambers[6] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥13,165,177,931.83, reflecting a growth of 32.06% compared to the end of the previous year[3] - Total liabilities increased to CNY 8,419,162,156.74 from CNY 5,377,702,351.65, representing a 56.8% increase year-over-year[20] - The equity attributable to shareholders of the parent company reached CNY 4,759,606,841.63, up from CNY 4,593,860,407.52, reflecting a 3.6% increase[21] Cash Flow and Investments - The cash flow from operating activities for the first three quarters was -¥999,017,913.83, showing an improvement from -¥1,363,000,000 in the same period last year[6] - The company's cash and cash equivalents as of September 30, 2024, amount to ¥1,925,116,582.89, a decrease from ¥2,675,647,284.83 at the end of 2023[15] - The total cash inflow from investment activities for the first three quarters of 2024 was CNY 992,095,923.14, compared to CNY 558,669,302.54 in the same period last year, marking an increase of approximately 77.5%[26] - The company incurred a total of CNY 1,717,888,003.38 in cash outflows from investment activities in the first three quarters of 2024, compared to CNY 1,022,427,571.99 in the same period last year[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 9,112[8] - The largest shareholder, National Integrated Circuit Industry Investment Fund, holds 55,026,693 shares, representing 19.77% of total shares[8] - The second-largest shareholder, Guotou (Shanghai) Venture Capital Management Co., Ltd., holds 37,888,000 shares, accounting for 13.61%[8] - The top ten shareholders include various institutional investors, with the largest being a state-owned entity[8] - The report indicates no significant changes in the shareholder structure due to margin trading activities[14] Market Strategy - The company plans to expand its market presence and invest in new technologies to drive future growth[19] - The company is focusing on enhancing its product offerings and exploring potential mergers and acquisitions to strengthen its market position[19] - The company has not disclosed any new product developments or market expansion strategies in this report[14]