GenTech(SH:688596) HUAXI Securities·2024-10-16 06:03Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company is expected to achieve revenue of 3.38 to 3.61 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 40.20% to 49.74%, with a midpoint of 3.495 billion yuan, which is a 44.97% increase year-on-year [2]. - For Q3 2024, the expected revenue is between 1.528 to 1.758 billion yuan, showing a year-on-year growth of 43.25% to 64.81%, with a midpoint of 1.643 billion yuan, indicating a 54.03% increase year-on-year and a 30% increase quarter-on-quarter [2]. - The company anticipates a net profit attributable to shareholders of 325 to 339 million yuan for Q1-Q3 2024, reflecting a year-on-year increase of 20.12% to 25.30% [3]. - The net profit for Q3 2024 is projected to be between 220 to 234 million yuan, which is a year-on-year growth of 82.21% to 93.80% [3]. - The company has a strong order backlog of 8.2 billion yuan as of the end of H1 2024, a 45.6% increase year-on-year, with the semiconductor industry accounting for 52% of this backlog [2]. Summary by Sections Revenue and Profit Forecast - The company forecasts revenues of 5.396 billion, 7.146 billion, and 9.043 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 41%, 32%, and 27% [5]. - The net profit attributable to shareholders is expected to be 552 million, 794 million, and 1.092 billion yuan for the same years, with year-on-year growth rates of 38%, 44%, and 37% [5]. Financial Performance - The company achieved a net profit margin of 9.50% and 8.87% for Q1-Q3 2024, with a year-on-year change of -1.72 percentage points and +0.85 percentage points respectively [3]. - For Q3 2024, the net profit margin is projected to be 13.82% and 11.93%, showing a year-on-year increase of 2.50 percentage points and 0.18 percentage points respectively [3]. Business Growth and Strategy - The company has seen a compound annual growth rate (CAGR) of 52% in net profit from 2016 to 2023, indicating strong performance in the components segment [4]. - The company is focusing on expanding its OPEX business, which includes components and materials, to support sustained growth in the future [4]. - The GAS BOX product line has already begun bulk supply to leading domestic semiconductor equipment companies, with revenue growth of 104% year-on-year in 2023 [4].