精测电子2024Q3业绩点评：先进明场交付客户，显示板块稳步复苏

Investment Rating - Maintain Overweight rating: The report maintains an Overweight rating for the company, citing the potential for growth in the semiconductor and display sectors despite a slower-than-expected recovery in the display industry and a sharper-than-expected decline in the new energy sector [1] Core Views - Q3 performance slightly below expectations: The company reported Q1-Q3 2024 revenue of RMB 1.831 billion, up 18.50% YoY, with net profit attributable to shareholders of RMB 82 million, up 753% YoY [1] - Advanced process equipment delivered to customers: The company has delivered advanced process equipment to customers, with multiple semiconductor devices entering mass production [1] - Display industry recovery: The display sector revenue in Q3 2024 was RMB 493 million, up 55.96% YoY, driven by the gradual recovery of the display industry [1] - Strong order backlog: As of October 24, 2024, the company has an order backlog of RMB 3.168 billion, with RMB 831 million in display, RMB 1.690 billion in semiconductor, and RMB 646 million in new energy [1] Financial Summary - Revenue and profit adjustments: The report adjusts the company's 2024-2026 net profit attributable to shareholders to RMB 195 million, RMB 368 million, and RMB 506 million, respectively, down from previous estimates of RMB 254 million, RMB 426 million, and RMB 572 million [1] - EPS adjustments: The 2024-2026 EPS is adjusted to RMB 0.71, RMB 1.34, and RMB 1.85, down from previous estimates of RMB 0.93, RMB 1.56, and RMB 2.09 [1] - Target price increase: The target price is raised to RMB 80.40, up from RMB 74.40, based on a 60x PE multiple for 2025 [1] Industry and Market Performance - Semiconductor and display sector growth: The company is actively advancing the development of new display products such as OLED and Micro-OLED, and is accelerating the iteration of older semiconductor products [1] - Market valuation: The company's current market valuation is RMB 16.952 billion, with a 52-week price range of RMB 44.48 to RMB 92.50 [6] Financial Ratios and Metrics - Gross margin and net margin: Q1-Q3 2024 gross margin was 43.43%, down 1.68 percentage points YoY, while net margin was 2.44%, up 5.84 percentage points YoY [1] - R&D expenditure: R&D expenses for Q1-Q3 2024 were RMB 468 million, accounting for 25.6% of revenue [1] - Inventory levels: Q3 2024 inventory was RMB 1.914 billion, up 8.7% QoQ [1]