HGTECH(SZ:000988) Haitong Securities·2024-10-29 08:11Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 9.002 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 23.42%, with a net profit of 938 million yuan, up 15.19% year-on-year [5] - In Q3 2024, the company achieved a revenue of 3.802 billion yuan, a year-on-year increase of 71.27% and a quarter-on-quarter increase of 25.47% [5] - The company is focusing on strategic inventory buildup to meet order growth and manage supply chain fluctuations, resulting in a significant increase in inventory levels [6] - The company has expanded its global operations with new factories in Vietnam and Thailand, while maintaining effective cost control [7] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 13.082 billion yuan, 16.199 billion yuan, and 18.614 billion yuan respectively, with net profits of 1.302 billion yuan, 1.692 billion yuan, and 2.092 billion yuan [6][10] - The gross margin is expected to be 22.8% in 2024, improving to 24.4% by 2026 [10] - The earnings per share (EPS) is projected to be 1.30 yuan in 2024, increasing to 2.08 yuan by 2026 [10] Business Segment Performance - The optical device series is expected to generate revenues of 4.728 billion yuan in 2024, with a year-on-year growth of 51.99% [8] - The laser processing equipment and intelligent manufacturing line is projected to achieve revenues of 3.785 billion yuan in 2024, with a growth rate of 18.66% [8] - The sensitive components segment is anticipated to reach revenues of 3.902 billion yuan in 2024, reflecting a year-on-year increase of 20.13% [8]