拓荆科技：2024年三季报点评：Q3营收持续高增，新产品确收导致盈利能力同比下滑

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company experienced a continuous high revenue growth in Q3, with a revenue of 1.01 billion yuan, representing a year-on-year increase of 44.7% and a quarter-on-quarter increase of 27.1%. However, the profitability declined due to high costs associated with new product validations [2][3]. - The company's revenue for the first three quarters of 2024 reached 2.278 billion yuan, a year-on-year increase of 33.8%, while the net profit attributable to the parent company was 271 million yuan, a slight increase of 0.1% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 43.59%, down 6.8 percentage points year-on-year, primarily due to high verification costs for new equipment [3]. Financial Performance - The company forecasts total revenue of 3.939 billion yuan for 2024, with a year-on-year growth of 45.62%. The net profit attributable to the parent company is expected to be 697.36 million yuan, reflecting a modest growth of 5.25% [1][6]. - The company’s R&D investment for the first nine months of 2024 was 481 million yuan, an increase of 35.7% year-on-year, aimed at expanding new products and processes [3][4]. - As of Q3 2024, the company had a contract liability of 2.512 billion yuan, up 67.8% year-on-year, and inventory of 7.077 billion yuan, up 66.8% year-on-year, indicating a strong order backlog [4]. Product Development and Market Position - The company is expanding its PECVD field, having achieved full series coverage of PECVD dielectric film materials, with significant orders for its PECVD Bianca equipment [5]. - The first PE-ALD SiN process equipment has passed customer validation and achieved industrial application, while the company continues to receive orders for its Thermal-ALD equipment [5]. - The company has successfully industrialized its HDPCVD and SACVD equipment, with cumulative shipments of HDPCVD reaction chambers reaching 70 units [5].