Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company has achieved steady revenue growth, with a year-on-year increase of 19.08% in the first three quarters of 2024, reaching 1.342 billion yuan. However, net profit growth was modest at 2.73% [1][2]. - The MLCC release film has entered the mass supply stage, with successful deliveries to major clients such as Yageo and Walsin Technology [3][6]. - The company is expanding its production capacity, with the first phase of the Zhaoqing production base for release films having begun trial production, and the fifth line for paper carrier tape also in trial production [3][5]. Financial Performance - Revenue for 2024 is projected to reach 1.93 billion yuan, with a year-on-year growth rate of 22.8%. By 2026, revenue is expected to grow to 3.232 billion yuan [1][7]. - The gross profit margin for the first three quarters of 2024 was 36.50%, an increase of 0.73 percentage points year-on-year, while the net profit margin was 13.20%, a decrease of 2.11 percentage points [2][6]. - The company’s net profit for 2024 is forecasted to be 280 million yuan, with EPS expected to be 0.65 yuan per share [1][6]. Production and Capacity Expansion - The company is actively developing various models and applications for release films, with successful product development for low roughness MLCC release films and mid-to-high-end polarizer release films [3][5]. - The production capacity for paper carrier tape is expected to increase significantly, with ongoing upgrades to the Jiangxi production base and the expansion of electronic-grade paper production [5][6]. Market Outlook - The recovery in demand from downstream industries such as consumer electronics, along with growth in sectors like new energy and 5G technology, is anticipated to provide new growth opportunities for the electronic components industry [6][7]. - The company’s order volume is expected to continue to grow, supported by its strong market position in paper carrier tape and stable supply of MLCC release films to key clients [6][7].
洁美科技：营收同比实现稳增长，MLCC离型膜进入批量供应阶段