Yuma Technology(SZ:300993) Southwest Securities·2024-11-05 10:32Investment Rating - The report maintains a "Hold" rating for the company, Yuma Zheyang (300993) [1]. Core Views - The company demonstrated resilient growth, with a revenue increase of 15.4% year-on-year to 550 million yuan in the first three quarters of 2024. The net profit attributable to shareholders rose by 7% to 130 million yuan, while the net profit after deducting non-recurring items increased by 7.5% to 120 million yuan [1][2]. - In Q3 alone, the company achieved a revenue of 190 million yuan, reflecting a year-on-year growth of 9.6%. However, the net profit attributable to shareholders decreased by 10.7% to 41.78 million yuan, and the net profit after deducting non-recurring items fell by 9.7% to 41.21 million yuan [1][2]. - The gross margin remained stable at 40.6% for the first three quarters, although it decreased by 0.3 percentage points year-on-year. The Q3 gross margin was 41.2%, down 1.8 percentage points year-on-year but up 0.1 percentage points quarter-on-quarter [2]. - The company terminated the issuance of convertible bonds to mitigate capital market risks and has initiated a 130 million square meter functional new materials project, which is expected to gradually release production capacity next year [3]. - A stock incentive plan was announced in October 2024, aiming to enhance team stability and operational efficiency, with revenue growth targets set for 2024-2025 [3]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 550 million yuan, a year-on-year increase of 15.4%. The net profit attributable to shareholders was 130 million yuan, up 7%, and the net profit after deducting non-recurring items was 120 million yuan, up 7.5% [1]. - The Q3 financials showed a revenue of 190 million yuan, a 9.6% increase year-on-year, but a net profit decrease of 10.7% to 41.78 million yuan [1][2]. - The overall gross margin for the first three quarters was 40.6%, with a Q3 gross margin of 41.2% [2]. - The company forecasts EPS for 2024-2026 to be 0.63 yuan, 0.76 yuan, and 0.91 yuan, respectively, with corresponding PE ratios of 16x, 13x, and 11x [3].