中科飞测24Q3业绩点评：Q3交付加速，新品稳步推进

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's performance in Q3 met expectations, with accelerated deliveries and steady progress in new product development. The company is focusing on high R&D investments to support its product lineup, particularly in the electron beam critical dimension measurement equipment, which will enhance its capabilities in the electron beam sector [2][3]. Financial Summary - Revenue for Q1-Q3 2024 reached 0.812 billion, representing a year-on-year increase of 38.21%. The net profit attributable to the parent company was -0.052 billion, while the net profit excluding non-recurring items was -0.125 billion. The poor profit performance is attributed to increased R&D investments aimed at positioning for new products [3][4]. - For Q3 2024, revenue was 0.349 billion, up 56.79% year-on-year, with a net profit of 0.016 billion. The gross margin for Q3 was 49.64%, an increase of 2.06 percentage points year-on-year and 11.77 percentage points quarter-on-quarter [3][4]. - The company has adjusted its revenue forecasts for 2024-2026 to 1.350 billion, 2.012 billion, and 3.004 billion respectively, up from previous estimates of 1.301 billion, 1.934 billion, and 2.845 billion. EPS estimates for the same period have been revised down to 0.31, 0.83, and 2.05 yuan respectively [3][4]. Product Development - The company is advancing its product lineup, including: 1. Mass-produced products such as non-graphic wafer defect detection, which is gaining market share. 2. Ongoing development in advanced packaging fields like HBM and 2.5/3D. 3. Steady progress in the development of advanced models for film thickness measurement and overlay accuracy measurement [3]. - The company is also validating products with domestic customers, with small batch shipments for bright field and dark field products [3]. Market Positioning - The company is positioned to cover both optical and electron beam measurement sectors, which opens up significant growth potential. The electron beam critical dimension measurement equipment accounts for 8.1% of the value of measurement equipment, indicating a strategic move to enhance its product offerings [3]. Valuation - The target price has been raised to 94.32 yuan from the previous 81.31 yuan, based on a 15x PS for 2025, reflecting the company's growth potential and low domestic replacement rate in the measurement segment [3][5].