Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 232 million yuan for the first three quarters of 2024, representing a year-on-year growth of 25.52%. However, the net profit attributable to the parent company decreased by 6.09% to 29 million yuan due to increased operating expenses [2] - The semiconductor and photovoltaic industries are experiencing continuous growth, which is expanding the market size for quartz products. The integrated circuit industry in China has seen a compound annual growth rate (CAGR) of 14.6% from 2017 to 2023, with sales reaching 1,227.69 billion yuan in 2023 [3] - The company is optimizing its supply chain by establishing a joint venture, Kaimei Quartz, with Tongmei Crystal Investment, focusing on high-quality quartz glass tubes and high-purity quartz sand for semiconductor applications. The first phase of the quartz glass tube project has begun trial production [3] - The subsidiary, Kaide Xinjing, is expected to enhance production capacity with the ongoing construction of a precision semiconductor component manufacturing base, which is projected to start production next year [4] - The report forecasts revenues of 302 million yuan, 348 million yuan, and 401 million yuan for 2024, 2025, and 2026, respectively, with net profits of 46 million yuan, 68 million yuan, and 90 million yuan for the same years. The corresponding EPS is expected to be 0.62 yuan, 0.90 yuan, and 1.20 yuan [4]
凯德石英：2024年三季报点评：期间费用致业绩下滑，完善产业链布局