SQM(688138) 华安证券·2024-11-05 10:21Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's "dual-wing" strategy is steadily advancing, with significant potential for domestic substitution [1] - The company reported a revenue of 827 million yuan for Q3 2024, representing a year-on-year growth of 23.81%, and a net profit attributable to shareholders of 120 million yuan, up 27.30% year-on-year [1] - The demand for high-precision mask plates is driven by the mid-to-high-end panel market, with the company focusing on upgrading its product structure and expanding high-end mask plate production capacity [1] - The company is seizing opportunities in the domestic semiconductor chip mask plate market, benefiting from the rapid rise of the semiconductor industry in mainland China [1] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 1.111 billion yuan, 1.358 billion yuan, and 1.655 billion yuan respectively, with corresponding net profits of 184 million yuan, 244 million yuan, and 316 million yuan [2][3] - The gross margin is expected to improve from 27.6% in 2023 to 31.9% by 2026 [2] - The company’s earnings per share (EPS) are projected to increase from 0.50 yuan in 2023 to 1.19 yuan in 2026 [2][3] - The price-to-earnings (P/E) ratio is expected to decrease from 45.24 in 2023 to 20.31 by 2026 [2][3] Operational Insights - The company is enhancing its production capabilities for high-precision mask plates, particularly in the AMOLED, LTPS, Micro LED, and AR/VR segments [1] - The construction of a semiconductor IC mask plate production line in Foshan has commenced, aiming to meet the demand for 8-inch and 12-inch wafer mask plates [1]