Leadmicro(SH:688147) Ping An Securities·2024-10-31 09:02Investment Rating - The report maintains a "Recommended" rating for the company [1][5] Core Views - The company has shown stable growth in its performance, with a significant increase in its semiconductor business [3][4] - In Q3 2024, the company achieved revenue of 757 million yuan, a year-on-year increase of 18.42%, and a net profit attributable to shareholders of 108 million yuan, up 24.74% year-on-year [3] - The semiconductor business has rapidly expanded, with revenue reaching 298 million yuan in the first three quarters of 2024, a substantial increase of 844.14% year-on-year, accounting for 19.28% of total revenue [3][4] - The company is also advancing in the photovoltaic sector, maintaining a leading position in ALD products and continuously upgrading its technology [4] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 1.544 billion yuan, a year-on-year increase of 51.57% [3] - The projected revenues for 2024 to 2026 are 3.634 billion yuan, 4.895 billion yuan, and 6.121 billion yuan respectively, with corresponding net profits of 437 million yuan, 663 million yuan, and 898 million yuan [5][7] - The company's gross margin is expected to be around 40.5% in 2024, with a net margin of 12% [8] Market Position and Growth Potential - The company is positioned for rapid growth in the semiconductor sector, with expectations for a significant increase in revenue contribution from this area in the future [5] - The ALD equipment has been a strong foundation for the company, which is now expanding into CVD and other fields, indicating a broad growth potential [4][5]