THEC(833509) 开源证券·2024-11-05 02:41Investment Rating - The investment rating for the company is upgraded to "Outperform" [1][2]. Core Views - The company has shown a revenue growth of 14% year-on-year for the first three quarters of 2024, with a total revenue of 130 million yuan and a net profit of 27.7 million yuan, reflecting a 7% increase [2][3]. - The company is expected to benefit from the recovery in the consumer electronics sector and the launch of new products, with a projected net profit growth of 12% for the same period [1][4]. - The company maintains its profit forecast for 2024-2026, with expected net profits of 50 million, 70 million, and 84 million yuan respectively, corresponding to EPS of 0.31, 0.43, and 0.52 yuan per share [2][5]. Financial Performance - In the first three quarters of 2024, the company’s R&D expenses increased by 20% year-on-year, amounting to approximately 19.9 million yuan, which is 15.35% of its revenue [4]. - The company has launched several new products in the fields of new energy and third-generation semiconductor testing, which are expected to drive future growth [4]. - The company’s five major categories of testing instruments have all achieved positive growth, with the power electronics testing instruments seeing a significant increase of 61.35% year-on-year [3][4]. Market and Sales - The company has over 40 signed first-level distributors across the country and plans to expand its distributor network to enhance market coverage [3]. - The South China region has shown the highest growth, increasing by 23.31% year-on-year [3].