Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company's revenue and net profit showed significant year-over-year and quarter-over-quarter growth in 3Q24, with revenue reaching 560 million yuan (+24.96% YoY) and net profit reaching 79 million yuan (+18.07% YoY) [2] - The semiconductor downstream demand recovery has benefited the company's equipment parts cleaning business, contributing to the growth in revenue and profit [2] - The company is enhancing its industrial upgrade layout by injecting high-quality assets, including the acquisition of Hangzhou Zhixin Semiconductor and the planned acquisition of Fulehua, a leading global power semiconductor ceramic substrate manufacturer [2] Financial Performance - 3Q24 single-quarter revenue was 222 million yuan, up 31.94% YoY and 25.81% QoQ, with a net profit of 29 million yuan (+4.18% YoY) [2] - The company's gross margin for 1-3Q24 was 39.56%, with a slight decline in 3Q24 to 38.99% (-1.94 pcts QoQ) [2] - The company's inventory turnover days and accounts receivable turnover days improved slightly in 3Q24, standing at 71.44 days and 90.60 days, respectively [2] Strategic Developments - The company established a joint venture with Japan's Irie in May 2023 to produce vacuum space and bellows products [2] - In July 2024, the company acquired Hangzhou Zhixin Semiconductor to lay the foundation for new products such as ALN and ESC [2] - The company plans to acquire 100% equity of Fulehua, which reported revenue of 899 million yuan and net profit of 128 million yuan in 1H24 [2] Future Projections - The report forecasts the company's net profit for 2024-2026 to be 125 million yuan, 173 million yuan, and 226 million yuan, representing YoY growth of 40%, 39%, and 30%, respectively [2] - The EPS for 2024-2026 is projected to be 0.37 yuan, 0.51 yuan, and 0.67 yuan, with corresponding PE ratios of 180x, 130x, and 100x [2] Industry Analysis - The recovery in semiconductor industry demand is expected to continue benefiting the company's precision cleaning business [2] - The company's strategic acquisitions and joint ventures are positioning it to expand into key semiconductor components and power semiconductor materials [2]
富乐德：3Q24收入利润同环比增长，注入优质资产完善产业升级布局