NovelBeam Technology(688677) 华创证券·2024-11-05 10:33Investment Rating - The report maintains a "Recommend" rating for Haite High-Tech (688677) with a target price of 43 RMB, compared to the current price of 37.02 RMB [1] Core Views - Revenue decline narrowed in Q3, with continued growth in whole-machine sales [1] - Customer inventory reduction temporarily pressured performance, but shipments are expected to gradually recover as customer inventory reaches lower levels [1] - Increased expenses in the first three quarters led to a larger decline in net profit attributable to parent company compared to revenue decline [1] - Product structure changes improved profitability, with higher gross margin products increasing their shipment proportion [1] - Whole-machine business performed exceptionally well, with second-generation 4K endoscope system sales exceeding 100 units in the domestic market in H1, achieving 200% YoY revenue growth [1] Financial Performance - Q3 revenue: 98 million RMB (-9.39% YoY) [1] - Q3 net profit attributable to parent company: 27 million RMB (-7.00% YoY) [1] - Q1-Q3 revenue: 319 million RMB (-15.30% YoY) [1] - Q1-Q3 net profit attributable to parent company: 97 million RMB (-17.60% YoY) [1] - Q3 gross margin improved to 69.44% (+5.38pct YoY) [1] Future Projections - 2024-2026 revenue forecast: 431 million RMB (-8.4% YoY), 549 million RMB (+27.5% YoY), 685 million RMB (+24.7% YoY) [3] - 2024-2026 net profit attributable to parent company forecast: 137 million RMB (-5.9% YoY), 186 million RMB (+35.7% YoY), 234 million RMB (+25.7% YoY) [3] - 2024-2026 EPS forecast: 1.14 RMB, 1.54 RMB, 1.94 RMB [3] Business Development - The company is actively expanding its domestic market and improving its marketing network [1] - Ongoing R&D investment and acceleration of overseas factory construction [1] - Second-generation 4K endoscope system achieved significant sales growth in the domestic market [1]