中科飞测：订单充裕，产品线持续完善

Investment Rating - The report maintains a "Buy" rating for Zhongke Feice (688361 SH) [3] Core Views - Zhongke Feice reported strong Q3 2024 revenue growth of 56 79% YoY to 349 million RMB, but net profit attributable to shareholders declined by 51 39% YoY to 16 million RMB [3] - Gross margin improved to 49 64% in Q3 2024, up 2 06 percentage points YoY, driven by accounting policy changes and product mix optimization [3] - The company has a robust order backlog with contract liabilities and inventory reaching 698 million RMB and 1 555 billion RMB respectively at the end of Q3 2024 [3] - Zhongke Feice is benefiting from domestic substitution trends in the semiconductor industry, with its product portfolio covering both bright-field and dark-field nanoscale wafer defect inspection equipment [4][5] - The company is expected to achieve net profits of 103 million RMB, 257 million RMB, and 429 million RMB in 2024, 2025, and 2026 respectively, with corresponding P E ratios of 210x, 84x, and 51x [5] Financial Performance - For the first three quarters of 2024, Zhongke Feice reported revenue of 812 million RMB, a 38 21% YoY increase, but net profit attributable to shareholders was -52 million RMB, down 165 85% YoY [3] - The company's gross margin for the first three quarters of 2024 was 47 69%, down 2 17 percentage points YoY [3] - Operating cash flow for 2024 is projected to be 780 million RMB, a significant improvement from -52 million RMB in 2023 [9] - The company's EPS is forecasted to grow from 0 32 RMB in 2024 to 1 34 RMB in 2026 [9] Product Development - Zhongke Feice has successfully shipped both bright-field and dark-field nanoscale wafer defect inspection equipment to leading domestic logic and memory customers [4] - The company's OCD equipment has shown promising results in client validation, meeting performance requirements [4] - Zhongke Feice continues to advance its product lines, including patternless wafer defect inspection, patterned wafer defect inspection, film thickness measurement, and overlay accuracy measurement equipment [4] Market Position - Zhongke Feice is positioned as a leading domestic player in semiconductor metrology and inspection equipment [5] - The company is well-positioned to capture larger market share in the domestic semiconductor equipment industry [4] - With increasing R&D investment, Zhongke Feice has accelerated its new product development cycle, particularly in advanced models [5]