中科飞测：毛利率大幅回升，单季营收增速近6成

Investment Rating - The report maintains a "Buy" rating for the company, reflecting a positive outlook on its future performance [6] Core Views - The company's gross margin has significantly rebounded, with a single-quarter revenue growth rate of nearly 60% [2] - New orders continue to grow, and the verification of new equipment is progressing smoothly, indicating potential for future expansion [5] - The company's R&D investment remains high, with a slight decline in R&D expense ratio, supporting long-term growth [5] - The domestic market for inspection and measurement equipment has significant potential for localization, with urgent demand for self-sufficiency [6] Financial Performance - In Q3 2024, the company reported revenue of 349 million yuan, a year-on-year increase of 56.8%, and a quarter-on-quarter increase of 52.7% [4] - The gross margin in Q3 2024 was 49.6%, an increase of 11.7 percentage points compared to Q2 2024, leading to a positive net profit of 16.13 million yuan [5] - For the first nine months of 2024, the company's revenue was 812 million yuan, a year-on-year increase of 38.2%, with a gross margin of 47.69% [4] - The company's R&D expenses for the first nine months of 2024 reached 335 million yuan, a year-on-year increase of 131.8%, with an R&D expense ratio of 41.2% [5] Market and Industry Analysis - The domestic inspection and measurement equipment industry has significant potential for localization, with urgent demand for self-sufficiency due to the importance of these devices in the semiconductor supply chain [6] - The company is expected to maintain a rapid increase in market share and expand its product portfolio through continuous technological breakthroughs [6] Financial Projections - The report forecasts the company's net profit for 2024-2026 to be 143 million yuan, 210 million yuan, and 332 million yuan, respectively, with year-on-year growth rates of 1.9%, 46.6%, and 58.5% [6] - The company's revenue is expected to grow to 1.37 billion yuan in 2024, 1.86 billion yuan in 2025, and 2.37 billion yuan in 2026, with year-on-year growth rates of 53.7%, 35.7%, and 27.3%, respectively [7] - The gross margin is projected to be 46.4% in 2024, 47.2% in 2025, and 48.1% in 2026 [7]