S.C(300724) SINOLINK SECURITIES·2024-10-29 02:30Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 12.344 billion RMB, up 92.72% year-on-year, and net profit at 2.023 billion RMB, up 65.45% year-on-year [1]. - The company is actively pursuing global expansion, having successfully exported products to over ten countries and regions, with higher profit margins in overseas markets compared to domestic ones [1]. - Technological advancements in perovskite technology and the expansion of platform-based business are key growth drivers, with the company achieving over 18% efficiency in perovskite solar cells [1]. Summary by Sections Performance Overview - For Q3 2024, the company achieved revenue of 5.722 billion RMB, a year-on-year increase of 146.41%, and a net profit of 797 million RMB, up 69.10% year-on-year [1]. - The gross margin for the first three quarters was 27.8%, a slight decrease of 0.09 percentage points year-on-year, while the net margin was 16.39%, down 2.77 percentage points year-on-year [1]. Operational Analysis - The company reported a significant improvement in cash flow, with Q3 operating cash flow reaching 1.705 billion RMB, a year-on-year increase of 52.70% and a quarter-on-quarter increase of 419.88% [1]. - The company has participated in exhibitions in multiple countries, enhancing its international market presence [1]. Technological Developments - The company has made breakthroughs in perovskite technology, with its pilot production line achieving over 18% efficiency in 300mm x 300mm perovskite cells [1]. - The company has also developed new equipment for lithium battery production, addressing industry supply gaps [1]. Profit Forecast and Valuation - The company is expected to achieve net profits of 2.858 billion RMB in 2024, 3.349 billion RMB in 2025, and 1.805 billion RMB in 2026, with corresponding EPS of 8.21, 9.62, and 5.19 RMB [1]. - The current stock price corresponds to P/E ratios of 9, 8, and 15 for the years 2024, 2025, and 2026, respectively [1].