NATA OPTO-ELECT(300346) Ping An Securities·2024-10-30 07:47Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9]. Core Views - The company's precursor business revenue has seen significant growth, with products rapidly penetrating the IC field. In the first three quarters of 2024, precursor business revenue increased by over 200% year-on-year, with nearly 10 products achieving stable mass production [5][9]. - The semiconductor industry's fundamentals are gradually improving, with global semiconductor sales reaching $390.5 billion in the first eight months of 2024, a year-on-year increase of 17.8% [6]. - The company is transitioning from a single focus on LED to a balanced growth across IC, LED, and LCD industries, with IC revenue accounting for over 30% of total revenue in the first nine months of 2024 [5][9]. Financial Performance Summary - In Q3 2024, the company achieved revenue of 641 million yuan, a year-on-year increase of 41.17%, and a net profit attributable to shareholders of 87 million yuan, up 37.67% year-on-year [5]. - For the first three quarters of 2024, total revenue reached 1.764 billion yuan, a year-on-year increase of 37.74%, with a net profit of 266 million yuan, up 23.33% year-on-year [5]. - The company expects to achieve net profits of 336 million yuan, 417 million yuan, and 492 million yuan for 2024, 2025, and 2026, respectively, reflecting an upward adjustment from previous estimates [9]. Industry Outlook - The report indicates that the semiconductor and panel industries are showing signs of recovery, with sales growth expected to continue positively [9]. - The company's fluorine and hydrogen specialty gases are expanding in various markets, including photovoltaic applications, which are anticipated to drive revenue growth [9].