Secote co.ltd(SH:603283) Huafu Securities·2024-10-31 01:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [16]. Core Views - The company reported a revenue of 3.194 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 21.76%, and a net profit attributable to shareholders of 475 million yuan, up 18.99% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 1.563 billion yuan, reflecting a year-on-year increase of 28.15%, and a net profit of 321 million yuan, which is an 8.53% year-on-year growth [2]. - The application of AI technology in consumer electronics is accelerating, leading to structural opportunities in the 3C and semiconductor equipment sectors, with AI terminal products expected to drive new production line demands and upgrades [2]. - The acquisition of Japan's Optima has enabled the company to enter the wafer inspection equipment market, enhancing its capabilities in monitoring defects in HBM and TSV processes, and securing bulk equipment orders from major semiconductor manufacturers [3]. - The company is projected to achieve net profits of 827 million yuan, 998 million yuan, and 1.145 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 17.6X, 14.6X, and 12.7X, indicating a high valuation cost-effectiveness [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 3.194 billion yuan and a net profit of 475 million yuan, with respective year-on-year growth rates of 21.76% and 18.99% [1]. - The Q3 2024 results showed a revenue of 1.563 billion yuan and a net profit of 321 million yuan, with year-on-year growth rates of 28.15% and 8.53% [2]. - The company’s sales expense ratio, management expense ratio, and R&D expense ratio for the first three quarters were 10.04%, 7.71%, and 8.55%, showing a decrease compared to the previous year [2]. Market Opportunities - The integration of AI technology in consumer electronics is expected to create new opportunities in the 3C and semiconductor equipment markets, particularly with the rise of AI terminal products [2]. - The company’s strategic acquisition of Optima has positioned it well in the wafer inspection equipment sector, allowing it to gain recognition and orders from leading semiconductor manufacturers [3]. Profit Forecast - The company is expected to achieve net profits of 827 million yuan in 2024, 998 million yuan in 2025, and 1.145 billion yuan in 2026, with P/E ratios indicating strong valuation attractiveness [4].