S.C(300724) Caixin Securities·2024-11-06 10:28Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][9]. Core Insights - The company has demonstrated continuous high-speed growth, with a significant increase in revenue and net profit for the first three quarters of 2024. Revenue reached 12.344 billion yuan, up 92.72% year-on-year, while net profit was 2.023 billion yuan, up 65.45% year-on-year [2][5]. - The company is actively expanding its platform and has a strong order backlog despite industry adjustments. It is positioned as a leader in photovoltaic equipment, with ongoing developments in TOPCon, HJT, and perovskite technologies [5][4]. Financial Performance Summary - Revenue Growth: The company’s revenue is projected to grow from 6,005.04 million yuan in 2022 to 15,031.03 million yuan in 2024, representing a growth rate of 72.11% [1][7]. - Net Profit: The net profit is expected to increase from 1,046.87 million yuan in 2022 to 2,624.39 million yuan in 2024, with a corresponding growth rate of 64.00% [1][7]. - Earnings Per Share (EPS): EPS is forecasted to rise from 3.01 yuan in 2022 to 7.54 yuan in 2024 [1][7]. - Profitability Ratios: The gross margin for Q3 2024 was reported at 23.38%, a decrease of 7.05 percentage points year-on-year, while the net margin was 13.92%, down 6.57 percentage points year-on-year [3][5]. Market Position and Strategy - The company holds a leading position in wet process equipment, widely used in photovoltaic cell technology and semiconductor fields. It is also expanding its offerings in vacuum equipment and has made significant advancements in perovskite technology [4][5]. - The company has successfully launched its first GW-level perovskite magnetron sputtering coating equipment, indicating progress in its technological capabilities [5][4]. Cash Flow and Cost Management - Operating cash flow for Q3 2024 was reported at 1.705 billion yuan, reflecting a year-on-year increase of 52.70% and a quarter-on-quarter increase of 419.88%, showcasing strong cash flow management [3][5]. - The company has maintained effective cost control, with a period expense ratio of 6.31%, slightly down from the previous year [3][5].