CFMEE(SH:688630) GOLDEN SUN SECURITIES·2024-10-28 01:11Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [4]. Core Views - The company has demonstrated significant growth in its financial performance, with a 37.05% year-over-year increase in revenue to 718 million yuan and a 30.94% increase in net profit to 155 million yuan for the first three quarters of 2024 [1]. - The company is expected to benefit from the ongoing shift in the PCB industry towards high-end products and the expansion of its market share, particularly in Southeast Asia and among advanced packaging technologies [2]. - The report forecasts substantial growth in net profit for the company, projecting figures of 274 million yuan, 375 million yuan, and 484 million yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 53.0%, 36.5%, and 29.1% [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 718 million yuan, a net profit of 155 million yuan, and a non-recurring net profit of 148 million yuan, reflecting growth rates of 37.05%, 30.94%, and 51.75% respectively [1]. - The third quarter alone saw revenues of 268 million yuan, with a net profit of 54 million yuan and a non-recurring net profit of 49 million yuan, marking year-over-year increases of 30.87%, 18.85%, and 65% respectively [1]. - The company’s projected revenues for 2024, 2025, and 2026 are 1,176 million yuan, 1,646 million yuan, and 2,125 million yuan, with corresponding growth rates of 41.9%, 40.0%, and 29.1% [3][10]. Market Position and Industry Outlook - The company is positioned to capitalize on the growing demand for high-end PCB products driven by advancements in AI and the transition of the PCB supply chain to Southeast Asia [2]. - The report highlights the company's successful market penetration in Japan, Vietnam, Thailand, South Korea, and Australia, indicating strong export order growth [2]. - The company is expected to enhance its global market share in high-end PCB and ABF boards due to its advanced direct-write lithography equipment [2].