Hwatsing Technology (688120) 开源证券·2024-11-04 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Insights - The company has maintained high growth in Q3 2024, with a year-on-year revenue increase of 57.63% and a quarter-on-quarter increase of 17% [5][6]. - The company benefits from the acceleration of domestic equipment localization, leading to an increase in market share for its CMP products and related services [6]. - The company has completed the first verification of its thinning equipment, which is expected to enhance its core competitiveness in advanced packaging technologies [7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.452 billion yuan, representing a year-on-year increase of 33.22% [5]. - The net profit attributable to shareholders was 721 million yuan, with a year-on-year growth of 27.8% [5]. - The gross margin was 45.82%, slightly down by 0.64 percentage points year-on-year, while the net margin was 29.4%, down by 1.25 percentage points year-on-year [5]. - The Q3 2024 single-quarter revenue was 955 million yuan, with a year-on-year increase of 57.63% and a quarter-on-quarter increase of 17% [5]. - The projected net profits for 2024, 2025, and 2026 are expected to be 1.008 billion yuan, 1.312 billion yuan, and 1.705 billion yuan, respectively [5]. Market Position and Growth Drivers - The company is recognized as a leading domestic CMP provider, benefiting from increased R&D investment and production capacity [6]. - The market share of CMP products continues to rise, driving growth in key consumables and maintenance services [6]. - The introduction of advanced packaging technologies is anticipated to significantly boost demand for thinning equipment, positively impacting the company's future development [7].