RAYITEK(688323) 国海证券·2024-11-03 12:32Investment Rating - The report maintains a "Buy" rating for Ruihuatai (688323) [1][6] Core Views - Ruihuatai's Q3 2024 revenue showed significant year-over-year and quarter-over-quarter growth, driven by the gradual ramp-up of the Jiaxing project [1] - The company achieved Q3 revenue of 107.17 million yuan, up 23.87% YoY and 38.69% QoQ [2] - Gross profit margin in Q3 was 18.14%, down 16.67 percentage points YoY [1] - Net profit attributable to shareholders was -12.54 million yuan in Q3, a decrease of 12.8 million yuan YoY [2] Financial Performance - For the first three quarters of 2024, Ruihuatai achieved revenue of 239 million yuan, up 14.68% YoY [1] - Net profit attributable to shareholders was -49 million yuan for the first three quarters, compared to -8 million yuan in the same period last year [2] - Weighted average ROE was -4.99%, down 4.24 percentage points YoY [2] - Sales net profit margin was -20.35%, down 9.48 percentage points YoY [2] Jiaxing Project Progress - The 1600-ton Jiaxing project has completed factory construction, with 4 production lines already in operation [4] - Two additional chemical production lines are undergoing process debugging and product testing [4] - The project is expected to enhance the company's product layout and supply capacity in the electronics field [4] CPI Film Development - Ruihuatai has mastered core CPI film production technology, with products demonstrating excellent optical and mechanical properties [5] - The company's CPI film has passed evaluations by domestic terminal brand manufacturers and achieved sample sales [5] - An optical-grade pilot production line for flexible OLED CPI film is under equipment and process optimization [5] Future Outlook - The company is expected to achieve revenue of 344 million yuan in 2024, 547 million yuan in 2025, and 729 million yuan in 2026 [6][8] - Net profit is forecasted to be -49 million yuan in 2024, turning positive to 31 million yuan in 2025 and 87 million yuan in 2026 [6][8] - The PE ratio is projected to be 80.23 in 2025 and 28.26 in 2026 [6][8] - The company is focusing on product structure optimization and market expansion in electronics and new energy sectors [4]