华天科技：盈利能力稳步提升，持续加大先进封装研发投入

Investment Rating - The investment rating for Huada Technology (002185.SZ) is maintained at "Buy-A" [1][3]. Core Views - The company has shown significant year-on-year growth in revenue and net profit for the first three quarters of 2024, driven by a recovering integrated circuit market and increased customer engagement [1][3]. - The gross margin has been steadily improving, with a comprehensive gross margin of 12.29% for the first three quarters of 2024, compared to lower margins in 2022 and 2023 due to market downturns [1][3]. - The company continues to focus on advanced packaging technology and has increased its R&D investment, which accounted for 6.29% of revenue in the first half of 2024 [1][3]. Summary by Sections Revenue and Profitability - In the first three quarters of 2024, Huada Technology achieved a revenue of 10.531 billion yuan, a year-on-year increase of 30.52%. The net profit attributable to shareholders was 357 million yuan, up 330.83% year-on-year [1][3]. - The third quarter alone saw a revenue of 3.813 billion yuan, representing a year-on-year growth of 27.98% and a quarter-on-quarter increase of 5.56% [1][3]. Gross Margin - The gross margin for the first three quarters of 2024 was 12.29%, with quarterly margins of 8.52%, 12.96%, and 14.72% respectively [1][3]. - The company is recovering from the low margins experienced in 2022 and 2023, with signs of improvement noted in the second half of 2023 and into 2024 [1][3]. R&D and Technological Focus - Huada Technology emphasizes advanced packaging as a key area of R&D, with a focus on technologies such as Fan-Out, FOPLP, and automotive electronics [1][3]. - The company has maintained R&D expenditures above 5% of revenue, with 423 million yuan spent in the first half of 2024 [1][3]. Market Position and Future Outlook - The company is expected to benefit from the increasing demand for advanced packaging driven by the growth of artificial intelligence and computing power needs [3]. - Revenue projections for 2024 to 2026 have been adjusted to 14.037 billion yuan, 16.175 billion yuan, and 17.999 billion yuan respectively, with growth rates of 24.2%, 15.2%, and 11.3% [3][5].