JONES TECH PLC(300684) 东吴证券·2024-10-27 04:40Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q3 2024 performance exceeded expectations, with revenue of 1.1 billion yuan, a year-on-year increase of 14.8%, and a net profit of 130 million yuan, up 143% year-on-year. The sales net profit margin reached 12.0%, an increase of 6.4 percentage points [2] - The company has established a comprehensive reliability solution for electronic devices across four segments: thermal management, electromagnetic shielding, bonding, and sealing. Continuous R&D investment has led to high technical barriers in various technologies [2][3] - The global expansion strategy is underway, with production bases in Wuxi, Yixing, and Thailand, and sales or technical institutions in the US, Singapore, and South Korea. The company aims to capture more global customers and leverage AI technology for growth [3] Financial Performance Summary - For Q3 2024, the company reported a single-quarter revenue of 450 million yuan, a year-on-year increase of 45.2%, and a net profit of 70 million yuan, a significant increase of 253% year-on-year. The gross profit margin for Q3 was 33%, up 5.7 percentage points [2] - The overall gross margin for the first three quarters of 2024 was 30.8%, an increase of 6.4 percentage points. The company has effectively reduced costs and improved efficiency [2] - The company expects net profits for 2024-2026 to be 180 million, 280 million, and 350 million yuan respectively, with corresponding P/E ratios of 34, 22, and 17 times [3]