聚灿光电：盈利能力同比提升，募投项目建设投入加快

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company's profitability has improved year-on-year, with significant growth in net profit and revenue driven by high-end product sales and market recovery [1] - The company is accelerating investment in fundraising projects, which is expected to enhance operational efficiency and long-term performance [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 20.22 billion yuan, a year-on-year increase of 10.61%, and a net profit of 1.60 billion yuan, up 107.02% [1] - The gross margin for the first three quarters of 2024 was 14.10%, an increase of 4.26 percentage points year-on-year, while the net margin was 7.89%, up 3.67 percentage points [1] - The company’s earnings per share (EPS) for the first three quarters of 2024 was 0.25 yuan [1] Future Projections - The company is expected to see net profits of 2.37 billion yuan, 2.93 billion yuan, and 4.30 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 95.5%, 23.8%, and 46.8% [1] - Corresponding EPS estimates for 2024, 2025, and 2026 are projected to be 0.35 yuan, 0.43 yuan, and 0.64 yuan, with price-to-earnings (P/E) ratios of 31.4, 25.4, and 17.3 respectively [1][2]