CCTC(300408) 华安证券·2024-11-04 07:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability continues to improve, with strong growth momentum driven by MLCC (Multi-Layer Ceramic Capacitors) [1] - The company reported a record high quarterly revenue of 5.381 billion yuan, representing a year-on-year increase of 31.05% [1] - The net profit attributable to shareholders reached 1.603 billion yuan, up 40.38% year-on-year [1] - The company has a comprehensive product matrix in the MLCC field, covering various applications and experiencing a steady recovery in orders [1] - The company is increasing its R&D investment, with a R&D expense ratio of 7.46% in 2024, aiming to enhance its competitive advantage [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 5.381 billion yuan, a year-on-year growth of 31.05% [1] - The net profit attributable to shareholders was 1.603 billion yuan, reflecting a year-on-year increase of 40.38% [1] - The gross profit margin for Q3 2024 was significantly improved, contributing to the overall enhancement of profitability [1] - The company’s total assets are projected to grow from 21,827 million yuan in 2023 to 30,964 million yuan by 2026 [3] - The operating income is expected to increase from 5,727 million yuan in 2023 to 10,583 million yuan in 2026 [3] Future Outlook - The company is expected to maintain strong growth in revenue and net profit over the next few years, with projections of 7,388 million yuan in revenue for 2024 and 9,038 million yuan for 2025 [3] - The net profit is forecasted to reach 2,183 million yuan in 2024 and 2,735 million yuan in 2025 [3] - The company is focusing on technological innovation and product development to drive future growth [1]