S.C(300724) Soochow Securities·2024-10-29 08:10Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 12.344 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 92.7%. The net profit attributable to shareholders was 2.023 billion yuan, up 65.5% year-on-year, slightly exceeding the performance forecast [2] - The company's gross margin for the first three quarters of 2024 was 27.8%, a decrease of 0.1 percentage points year-on-year. The net profit margin was 16.39%, down 2.8 percentage points year-on-year [3] - The company has achieved full coverage of TOPCon, HJT, perovskite, and perovskite tandem routes in photovoltaic equipment, maintaining a leading market share in TOPCon technology [4] - The company is expanding into the semiconductor and lithium battery sectors, gradually improving its specialized equipment platform layout [4] Summary by Sections Financial Performance - Total revenue for 2022 was 6.005 billion yuan, increasing to 8.733 billion yuan in 2023, with projections of 14.144 billion yuan in 2024 and 18.257 billion yuan in 2025, reflecting a year-on-year growth of 45.43% in 2023 and 61.96% in 2024 [1][11] - The net profit attributable to shareholders was 1.047 billion yuan in 2022, rising to 1.634 billion yuan in 2023, with forecasts of 2.618 billion yuan in 2024 and 3.531 billion yuan in 2025, indicating a growth rate of 56.04% in 2023 and 60.28% in 2024 [1][11] Profitability Metrics - The latest diluted EPS is projected to be 7.52 yuan in 2024 and 10.14 yuan in 2025, with current price-to-earnings ratios of 6 and 4.5 respectively [1][11] - The company's operating cash flow for the first three quarters of 2024 was 1.9 billion yuan, a decrease of 41.2% year-on-year [3][12] Market Position and Strategy - The company has successfully delivered large-scale coating equipment and large-size flash evaporation furnaces to downstream customers, enhancing its product offerings in the photovoltaic sector [4] - The company has secured orders for wet etching and cleaning equipment for silicon carbide devices, indicating its capability to replace imported equipment [4]