Hanbell(002158) 东吴证券·2024-10-27 22:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in Q3 2024 was impacted by a slowdown in the acceptance rhythm of photovoltaic vacuum pumps, leading to a revenue decline of 1.7% year-on-year for the first three quarters [2] - The company is expected to benefit from the growing domestic market for semiconductor vacuum pumps, with significant potential for domestic substitution [2] - The report forecasts the company's net profit for 2024-2026 to be 9.43 billion, 10.76 billion, and 13.02 billion respectively, with a corresponding P/E ratio of 9, 8, and 7 times [2] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 1.022 billion, down 10.2% year-on-year and 5.9% quarter-on-quarter, with a net profit of 271 million, down 13.9% year-on-year and 11.1% quarter-on-quarter [2] - The gross margin for the first three quarters was 40.74%, an increase of 0.7 percentage points year-on-year, while the net profit margin was 25.32%, up 1.9 percentage points year-on-year [2] Market Potential - The domestic market for photovoltaic cell vacuum pumps is projected to grow from 2.5 billion in 2023 to 3.2 billion in 2025, indicating a continuous increase in market space [2] - The semiconductor vacuum pump market in mainland China and Taiwan is expected to reach 7.9 billion, 8.1 billion, and 8.6 billion from 2023 to 2025, with the company positioned as a leading supplier [2] Earnings Forecast - The report estimates the company's total revenue for 2024 to be 41.09 billion, with a year-on-year growth of 6.66% [1][2] - The projected earnings per share (EPS) for 2024 is 1.76, with a P/E ratio of 9.47 [1][2]