Novoray(688300) Shanxi Securities·2024-11-04 07:25Investment Rating - The report maintains a "Buy-B" rating for the company [3] Core Views - The company's performance meets expectations, with Q3 revenue of 250 million yuan, a year-on-year increase of 27.25% and a quarter-on-quarter increase of 3.85%. The net profit attributable to the parent company for Q3 was 67 million yuan, up 30.10% year-on-year and 2.40% quarter-on-quarter [1][3] - The company has optimized its product structure, with a continuous increase in the proportion of high-end products, contributing to revenue growth. R&D investment in Q3 was 14.16 million yuan, a year-on-year increase of 4.15%, accounting for 5.66% of revenue [4] - The demand for High Bandwidth Memory (HBM) is expected to remain strong, driven by the growth in AI-related semiconductor needs and the recovery of electronic production, which may positively impact the company's performance in the long term [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 694 million yuan, a year-on-year increase of 35.79%, and a net profit of 185 million yuan, up 48.10% year-on-year. The basic earnings per share (EPS) was 1.00 yuan [3][4] - The company is projected to achieve net profits of 255 million yuan, 314 million yuan, and 384 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.37 yuan, 1.69 yuan, and 2.07 yuan [3][6] - The company's revenue is expected to grow significantly, with projections of 955 million yuan, 1.155 billion yuan, and 1.343 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 34.2%, 20.9%, and 16.3% [6][9] Market Data - As of November 4, 2024, the closing price of the company's stock was 49.71 yuan, with a year-to-date high of 67.00 yuan and a low of 28.88 yuan. The circulating A-shares total 186 million, with a market capitalization of 9.233 billion yuan [2]