CFMEE(SH:688630)2024-10-29 03:11Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Views - The company reported a significant increase in non-recurring profit for Q3 2024, with revenue reaching 268 million yuan, a year-on-year increase of 30.9%, and a net profit of 54 million yuan, up 18.9% year-on-year. The non-recurring net profit surged by 77.1% year-on-year [4] - The growth in net profit was primarily affected by government subsidies, with a notable decrease in subsidies from 18.44 million yuan in Q3 2023 to 5.09 million yuan in Q3 2024. The net profit margin for Q3 2024 was 20.26%, down 2.05 percentage points year-on-year [4] - The company has a stable gross margin and good cost control, with a gross margin of 39.51% in Q3 2024, an increase of 1.68 percentage points year-on-year [4] - Inventory levels are healthy, and the company has a robust order backlog, indicating continued business growth. The company is benefiting from trends in the PCB industry towards high-density and high-integration products [4] - The company is making progress in the advanced packaging equipment sector, with multiple product developments and successful deliveries to clients [4] - The report maintains profit forecasts for 2024-2026, expecting net profits of 267 million, 382 million, and 516 million yuan respectively, with corresponding PE ratios of 32, 22, and 17 times [4][5] Summary by Sections Financial Performance - Q3 2024 revenue was 268 million yuan, with a year-on-year growth of 30.9% and a cumulative revenue of 718 million yuan for the first three quarters, up 37.05% year-on-year [4][5] - The net profit for Q3 2024 was 54 million yuan, with a year-on-year increase of 18.9%, and a cumulative net profit of 155 million yuan for the first three quarters, up 30.94% year-on-year [4][5] - The gross margin for Q3 2024 was 39.51%, and the cumulative gross margin for the first three quarters was 40.99% [4][5] Market Position and Strategy - The company is focusing on high-end PCB manufacturing and expanding its market presence in Southeast Asia, with successful establishment of a subsidiary in Thailand [4] - The company is advancing in the semiconductor field with multiple product lines and has made significant progress in advanced packaging equipment [4]