戈碧迦：2024年三季报点评：新客户导入尚需时间，有望受益于纳米微晶玻璃渗透率提升

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company reported a revenue of 450 million yuan for the first three quarters of 2024, a year-on-year decrease of 24.2%, and a net profit attributable to shareholders of 58.67 million yuan, down 31.9% year-on-year [1] - The company is increasing its R&D investment, with R&D expenses reaching 39.92 million yuan in the first three quarters, up 39.9% year-on-year, indicating a focus on expanding its customer base and developing new technologies [2] - The penetration rate of nano-microcrystalline glass is gradually increasing, with the company expected to benefit from its first-mover advantage as domestic smartphone manufacturers adopt this technology [3] - Despite short-term performance pressures due to the end of large customer orders, the company possesses proprietary technology and is actively negotiating with potential clients, suggesting a potential recovery in performance as market conditions improve [4] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 130 million yuan, a decrease of 42.8% year-on-year, and a net profit of 10.79 million yuan, down 71.6% year-on-year [1] - The company forecasts net profits for 2024-2026 to be 68.9 million, 101.6 million, and 145.8 million yuan, respectively, with corresponding PE ratios of 45, 30, and 21 [4] R&D and Market Strategy - The company has increased its R&D expenses to 13.88 million yuan in Q3 2024, reflecting a 7.2% year-on-year increase, and aims to enhance its market presence through increased sales efforts [2] - The company is focusing on developing special functional glass, with expectations of significant revenue growth in 2025-2026 as the market for nano-microcrystalline glass expands [8] Market Trends - The adoption of nano-microcrystalline glass is gaining traction among domestic smartphone manufacturers, which is expected to drive demand and improve the company's market position [3] - The company is positioned as a key supplier in the nano-microcrystalline glass market, having developed products in collaboration with partners, which may lead to increased market share as the technology becomes more widely used [3]