Shanghai Sinyang(SZ:300236) Ping An Securities·2024-10-29 14:56Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][9] Core Views - The company has significantly increased its semiconductor materials sales, with a notable revenue growth of 27.40% year-on-year in Q3 2024, reaching 406 million yuan. The net profit for the same period surged by 162.16% year-on-year to 71 million yuan [5][6] - The semiconductor business has shown robust performance, with revenue reaching 302 million yuan in Q3 2024, marking a 49.78% increase year-on-year. The gross profit margin for the first three quarters of 2024 improved by 4.43 percentage points to 38.89% [6][9] - The company is accelerating its R&D efforts, with R&D expenses in Q3 2024 amounting to 58 million yuan, a 41.6% increase year-on-year, representing 14.2% of total revenue for the period [7][9] Financial Performance Summary - In Q3 2024, the company achieved total revenue of 406 million yuan, a year-on-year increase of 27.40%. The net profit attributable to shareholders was 71 million yuan, up 162.16% year-on-year [5][6] - For the first three quarters of 2024, total revenue reached 1.067 billion yuan, a 22.57% increase year-on-year, with a net profit of 130 million yuan, reflecting a 13.99% growth year-on-year [5][6] - The company expects to achieve net profits of 202 million yuan, 281 million yuan, and 364 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 58.4, 42.1, and 32.4 [9][8] R&D and Strategic Initiatives - The company is focusing on high-end semiconductor materials R&D and production, with ongoing projects progressing as planned. The sales scale of core semiconductor materials has significantly increased, contributing to revenue and profit growth [9][6] - The company is optimizing resource allocation by transferring 51% of its subsidiary, Shanghai Xinyang Haise High-tech Materials Co., Ltd., to improve operational efficiency [7][9]