CCTC(300408) 中泰证券·2024-10-31 03:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 5.381 billion yuan, a year-on-year increase of 31.05%, and net profit attributable to shareholders at 1.603 billion yuan, up 40.38% year-on-year [1] - The company's MLCC (Multi-Layer Ceramic Capacitor) business continues to show strong growth, with technological breakthroughs and increased market recognition [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 5,149 - 2023A: 5,727 - 2024E: 7,538 - 2025E: 8,987 - 2026E: 10,305 - Year-on-year growth rates for revenue: - 2022A: -17% - 2023A: 11% - 2024E: 32% - 2025E: 19% - 2026E: 15% [1] - Net profit attributable to shareholders (in million yuan): - 2022A: 1,505 - 2023A: 1,581 - 2024E: 2,148 - 2025E: 2,736 - 2026E: 3,184 - Year-on-year growth rates for net profit: - 2022A: -25% - 2023A: 5% - 2024E: 36% - 2025E: 27% - 2026E: 16% [1] Business Development - The company has achieved significant advancements in its two main business areas, with improved profitability despite overall weak demand in the market [1] - The MLCC business has seen a breakthrough in technology, achieving a dielectric layer thickness of 1 micron and a stacking layer count exceeding 1000 layers, with products covering mainstream specifications from 0201 to 2220 [1] - The company's MLCC products have received high recognition in the market, evidenced by winning the Innovation Gold Award at the 12th China Electronic Information Expo [1] Investment Recommendations - The company is expected to achieve net profits of 2.148 billion yuan, 2.736 billion yuan, and 3.184 billion yuan for the years 2024, 2025, and 2026 respectively, with a maintained "Buy" rating based on the current market conditions [1]