KINGLAI MATERIALS(300260) Minsheng Securities·2024-10-26 15:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its performance and market position [3]. Core Insights - The company achieved a revenue of 2.161 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 9.35%. The net profit attributable to shareholders was 198 million yuan, up 17.63% year-over-year [1]. - The semiconductor components business remains the primary source of revenue growth, with a revenue of 447 million yuan in the first half of 2024, reflecting a significant year-over-year increase of 48.01% [1]. - The company has established itself as a key supplier in the semiconductor components sector, having received certifications from major semiconductor equipment manufacturers in the U.S. [1]. - The food business has shown stable performance, contributing 803 million yuan in revenue in the first half of 2024, with a slight year-over-year increase of 0.07% [1]. - The company is expected to achieve revenues of 3.091 billion yuan, 3.782 billion yuan, and 4.495 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 273 million yuan, 416 million yuan, and 520 million yuan [2][4]. Financial Summary - For Q3 2024, the company reported a revenue of 743 million yuan, a year-over-year increase of 4.92%, but a decline in net profit to 58 million yuan, down 0.18% year-over-year [1]. - The gross margin for Q3 2024 was 23.92%, a decrease of 1.78 percentage points year-over-year, while the net profit margin was 7.74%, down 0.44 percentage points year-over-year [1]. - The company’s financial forecasts indicate a steady growth trajectory, with expected earnings per share increasing from 0.58 yuan in 2023 to 1.27 yuan by 2026 [4].