Newway Photomask(SH:688401) Huaan Securities·2024-11-05 10:20Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has achieved a revenue of 603 million yuan in the first three quarters of 2024, representing a year-on-year growth of 25.07%, and a net profit attributable to the parent company of 121 million yuan, up 11.73% year-on-year [1] - The company has broken the overseas monopoly in G11 high-generation mask plates, achieving full coverage in the flat panel display field from G2.5 to G11 [1] - The company is the first domestic and fourth globally to master the production technology of G11 high-generation mask plates, accelerating the domestic substitution process of key materials in the flat panel display industry [1] - The company has established long-term stable supply relationships with well-known panel manufacturers such as JD.com, TCL Huaxing, Tianma Microelectronics, and Xinli [1] - The company is actively progressing with the Lu Xin semiconductor project, which aims to enhance profitability through high-precision mask plate products [1] Financial Summary - For 2024-2026, the company's projected revenues are 854 million yuan, 1.091 billion yuan, and 1.345 billion yuan respectively, with corresponding net profits of 170 million yuan, 234 million yuan, and 271 million yuan [3][4] - The company's earnings per share (EPS) are expected to be 0.88 yuan, 1.21 yuan, and 1.40 yuan for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 30, 22, and 19 [3][4] - The company’s gross margin is projected to be 31.5% in 2024, 33.3% in 2025, and 32.9% in 2026 [3][4] - The return on equity (ROE) is expected to be 11.7% in 2024 and 13.8% in 2025 and 2026 [3][4]