Cctech(300604) 财通证券·2024-10-25 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 109.72% year-on-year for the first three quarters of 2024, reaching 2.535 billion yuan, with a net profit of 357 million yuan, reflecting a staggering growth of 26,858.78% [2] - The demand for testing machines is recovering, driving rapid growth in the company's performance, with major clients including leading integrated circuit companies [2] - The company emphasizes the importance of domestic component localization, achieving a gross margin of 57.73% in Q3, which is higher than previous quarters, indicating improved profitability [2] - High R&D investment is maintained, with 673 million yuan spent in the first three quarters, accounting for 26.53% of revenue, supporting long-term development and innovation [2] - Revenue projections for 2024-2026 are estimated at 3.254 billion, 4.150 billion, and 5.002 billion yuan, with corresponding net profits of 498 million, 793 million, and 1.038 billion yuan, leading to PE ratios of 56.13, 35.26, and 26.93 respectively [2] Financial Summary - Revenue for 2022 was 2.576 billion yuan, with a growth rate of 70.49%, while 2023 saw a decline to 1.775 billion yuan, with a projected recovery in 2024 to 3.254 billion yuan [4] - The net profit for 2022 was 461 million yuan, with a significant drop in 2023 to 45 million yuan, expected to rebound to 498 million yuan in 2024 [4] - The gross margin for 2022 was 56.7%, with a slight increase to 57.1% in 2023, and a projected gross margin of 55.2% in 2024 [4] - R&D expenses were 645 million yuan in 2022, increasing to 715 million yuan in 2023, with further increases projected in the coming years [4]