Beijing JCZ Technology (SH:688291) Huachuang Securities·2024-11-03 15:08Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company reported a revenue of 160 million yuan for the first three quarters of 2024, a year-on-year increase of 3.74%, while the net profit attributable to shareholders decreased by 16.18% to 27 million yuan. In Q3 alone, revenue reached 51 million yuan, up 12.69% year-on-year, and net profit increased by 48.04% to 11 million yuan [1]. - The gross margin decreased year-on-year, while the net margin improved. For the first three quarters, the gross margin was 57.86%, down 2.25 percentage points, and the net margin was 16.93%, down 4.29 percentage points. In Q3, the gross margin was 55.81%, down 6.79 percentage points, while the net margin was 20.71%, up 4.80 percentage points [2]. - The company is focusing on enhancing its competitiveness in the high-end laser processing market, particularly through the development of laser scanning mirror control systems and high-end mirrors [2]. - The company has made significant progress in the servo control system sector, with confirmed revenue for 2024 exceeding the total for 2023, indicating growth in this area [2]. - The revenue forecasts for 2024-2026 have been adjusted downwards due to macroeconomic factors, with expected revenues of 234 million yuan, 286 million yuan, and 350 million yuan respectively. The net profit forecasts are 36 million yuan, 61 million yuan, and 85 million yuan for the same periods [2][3]. - The target price has been adjusted to 25.80 yuan, based on a 43 times PE ratio for 2025, reflecting the company's position as a leading domestic player in laser processing control systems [2]. Financial Summary - For 2023, total revenue is projected at 220 million yuan, with a year-on-year growth rate of 11%. The net profit is expected to be 42 million yuan, with a growth rate of 8% [3]. - The earnings per share (EPS) for 2024 is expected to be 0.36 yuan, with a PE ratio of 55, and is projected to increase to 0.60 yuan in 2025 and 0.83 yuan in 2026, with corresponding PE ratios of 33 and 24 [3].