JHM(603078) 开源证券·2024-10-29 13:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous revenue growth in Q3 2024, with successful volume increase in photoresist supporting reagents [1][3] - The company’s revenue for the first three quarters of 2024 reached 820 million yuan, a year-on-year increase of 6.33%, while the net profit attributable to shareholders decreased by 12.45% [3] - The report highlights the competitive pressure in the mid-to-low-end market and a sluggish consumer market, although there are signs of recovery in the high-end semiconductor sector [3] Financial Performance Summary - For Q3 2024, the company achieved revenue of 299 million yuan, a year-on-year increase of 9.61% and a quarter-on-quarter increase of 7.62% [3] - The gross profit margin for Q3 2024 was 25.35%, down 0.13 percentage points year-on-year [3] - The company’s ultra-pure reagent revenue for Q1-Q3 2024 was 513 million yuan, a slight decrease of 0.33% year-on-year, while photoresist supporting reagent revenue was 279 million yuan, an increase of 8.67% year-on-year [4] Business Development - The company’s three major bases are working synergistically, with increasing customer coverage and capacity utilization [5] - The Jiangsu base has a capacity utilization rate that is steadily increasing, with G5 grade products being gradually introduced to high-end semiconductor clients [5] - The Sichuan base achieved sales of 90 million yuan in H1 2024, with a net profit of 7.21 million yuan, reflecting a year-on-year increase of 46.05% [5] Financial Forecast - The company is projected to achieve net profits of 117 million yuan, 138 million yuan, and 156 million yuan for the years 2024, 2025, and 2026 respectively [3][6] - Revenue is expected to grow significantly, with projections of 1.355 billion yuan in 2024, 1.910 billion yuan in 2025, and 2.294 billion yuan in 2026, reflecting year-on-year growth rates of 31.5%, 41.0%, and 20.1% respectively [6][8]