凯盛科技：收入转正，盈利提升

Investment Rating - The report maintains a Buy rating for the company [3] Core Views - The company's revenue turned positive in Q3 2024, with a year-on-year increase of 2.3%, while net profit attributable to shareholders surged by 322.7% [3] - Gross margin improved significantly in Q3, rising by 9.9 percentage points to 23.4%, driven by higher-margin products [4] - The company's new materials business, particularly in semiconductor silicon dioxide and flexible glass, is making breakthroughs, with several projects nearing completion [4][5] Financial Performance - For the first three quarters of 2024, the company reported revenue of 3.574 billion yuan, a year-on-year decrease of 5.5%, but net profit attributable to shareholders increased by 16.4% to 112 million yuan [3] - Q3 2024 revenue was 1.357 billion yuan, with net profit attributable to shareholders reaching 70 million yuan, a significant improvement from the previous year's loss [3] - Gross margin for the first three quarters improved by 4 percentage points to 18.7%, driven by higher-margin products in the new display segment [3] Business Developments - The company's 5,000-ton semiconductor silicon dioxide production line project is nearing completion, with key equipment installation and product development progressing well [4] - Breakthroughs in ultra-thin flexible glass (UFG) technology have been achieved, with samples meeting expected performance indicators [5] - The company has successfully developed key materials for screen directional sound and non-medium imaging technologies, as well as 3D curved cover technology for automotive applications [5] Future Outlook - The report expects the company's new materials business to expand, with UTG (ultra-thin glass) products expected to see significant growth [5] - Forecasted net profit attributable to shareholders for 2024 and 2025 is 180 million yuan and 260 million yuan, respectively, with corresponding P/E ratios of 65x and 46x [5] Financial Projections - Revenue for 2024E is projected at 4.907 billion yuan, with net profit attributable to shareholders expected to reach 182 million yuan [10] - EPS for 2024E and 2025E is forecasted at 0.19 yuan and 0.27 yuan, respectively [10] - The company's net profit margin is expected to improve from 2.1% in 2023A to 3.7% in 2024E and 4.6% in 2025E [10]