Yoke Technology(SZ:002409) EBSCN·2024-10-31 03:44Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company has shown significant revenue growth in the LNG and electronic materials sectors, contributing to the establishment of a strategic emerging materials platform [1][3]. - The company achieved a revenue of 4.999 billion yuan in the first three quarters of 2024, a year-on-year increase of 41.15%, and a net profit attributable to shareholders of 749 million yuan, up 55.80% year-on-year [1]. - The company is optimistic about the development prospects of its silicon micro-powder business and plans to invest approximately 897.06 million yuan in a new electronic materials project with an annual production capacity of 24,000 tons [2]. - The Jiangsu Xian Technology Yixing base has stabilized its output of precursor products, and the company has made breakthroughs in low-temperature RGB photoresists for OLED applications [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 1.743 billion yuan, a year-on-year increase of 42.93%, and a net profit of 229 million yuan, up 64.64% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 32.88%, an increase of 1.02 percentage points year-on-year [1]. - The company forecasts net profits of 968 million yuan, 1.203 billion yuan, and 1.452 billion yuan for 2024, 2025, and 2026, respectively [3]. Business Development - The company’s subsidiary, Huafei Electronics, has made significant progress in new products, including CCL and spherical alumina, and has begun stable supply to customers [2]. - The company is expanding its strategic emerging materials platform, with a focus on high-value-added silicon micro-powder manufacturing projects [2][3]. Market Position - The company’s total revenue is projected to grow from 6.477 billion yuan in 2024 to 10.191 billion yuan by 2026, reflecting a compound annual growth rate of approximately 25% [4]. - The company’s P/E ratio is expected to decrease from 31 in 2024 to 21 by 2026, indicating an improving valuation as earnings grow [4].