戈碧迦：24Q3业绩符合预期，关注纳米微晶+药玻新客户带来的业绩弹性

Investment Rating - The report maintains a rating of "Outperform" for the company [8] Core Views - The company's Q3 2024 performance met expectations, with a revenue of 447 million yuan for the first three quarters, representing a year-over-year decline of 24.2%. The net profit attributable to the parent company was 59 million yuan, down 31.9% year-over-year [5][6] - The end of the collaboration with a major client has cleared risks, and the company is actively expanding its customer base while increasing R&D expenses [6] - The market underestimates the long certification cycle and high barriers of entry for nano-microcrystalline glass, suggesting potential earnings elasticity for 2025 [6][7] - The company’s nano-microcrystalline glass, based on a sodium-aluminosilicate system, avoids patent risks and has significant growth potential as domestic smartphone brands expand internationally [7] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 125 million yuan, down 42.8% year-over-year and 8.1% quarter-over-quarter. The net profit was 11 million yuan, down 71.6% year-over-year and 28.6% quarter-over-quarter [5][6] - The gross margin for the first three quarters was 31.7%, an increase of 2.88 percentage points year-over-year, while the net margin was 13.12%, a decrease of 1.47 percentage points year-over-year [6] Revenue and Profit Forecast - The report projects net profits for 2024-2026 to be 77 million, 99 million, and 129 million yuan respectively, with corresponding PE multiples of 40X, 31X, and 24X [8][9] - The total revenue forecast for 2024 is 565 million yuan, with a year-over-year decline of 30.1%, followed by growth rates of 17.3% and 23.3% in 2025 and 2026 respectively [9]