TZTEK(688003) 财通证券·2024-11-03 01:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 851 million yuan for Q3 2024, a year-on-year decrease of 3.15%, and a net profit attributable to shareholders of -14 million yuan, down 133.29% year-on-year [2] - The company's short-term profitability is under pressure due to delays in acceptance from downstream photovoltaic and electronics industries, along with increased period expenses [2] - The machine vision market in China is expected to grow significantly, with a projected market size of 185 billion yuan in 2023, anticipated to exceed 395 billion yuan by 2028, reflecting a CAGR of approximately 18% from 2024 to 2028 [3] - The company is a leading provider of machine vision equipment in China and is expanding its applications into various sectors including semiconductors, PCB, photovoltaic, and intelligent driving [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 310 million yuan, a year-on-year decline of 15.13%, and a net profit of 13 million yuan, down 65.82% year-on-year [2] - The gross margin and net margin for Q3 2024 were 40.33% and 4.06%, respectively, representing a decrease of 2.72 percentage points and 6.01 percentage points year-on-year [2] - Revenue projections for 2024-2026 are 1.745 billion yuan, 2.189 billion yuan, and 2.606 billion yuan, with net profits of 240 million yuan, 315 million yuan, and 403 million yuan, respectively [3] - Corresponding PE ratios for 2024, 2025, and 2026 are 29.60, 22.57, and 17.64 [3]