CCTC(300408) 华创证券·2024-10-31 14:57Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 44.1 CNY, compared to the current price of 37.17 CNY [1][2]. Core Insights - The company's Q3 2024 performance met expectations, with a slight drag on earnings due to foreign exchange impacts. Revenue for Q3 reached 19.53 billion CNY, representing a year-over-year increase of 32.29% and a quarter-over-quarter increase of 4.81%. The net profit attributable to shareholders was 5.78 billion CNY, up 40.59% year-over-year but down 2.50% quarter-over-quarter [1][2]. - The report highlights that the company's main business operations are showing steady growth, driven by high-margin products such as MLCC and chip capacitors, particularly due to strong demand from data centers [2][3]. - Looking ahead to 2025, MLCC and chip capacitors are expected to lead the company's stable growth, with AI server and edge innovation likely to drive a new growth cycle for MLCC products [2][3]. Financial Summary - For 2024, the company is projected to achieve total revenue of 73.58 billion CNY, a year-over-year growth of 28.5%. The net profit attributable to shareholders is expected to be 21.48 billion CNY, reflecting a growth of 35.9% [3][7]. - The earnings per share (EPS) forecast for 2024 is adjusted to 1.12 CNY, with further projections of 1.47 CNY for 2025 and 1.68 CNY for 2026 [3][7]. - The company's financial metrics indicate a price-to-earnings (P/E) ratio of 33 for 2024, decreasing to 25 by 2025 and 22 by 2026, suggesting a favorable valuation trend [3][7].