Novoray(SH:688300) Huajin Securities·2024-11-07 11:21Investment Rating - The report maintains a "Buy - A" rating for the company, indicating a strong potential for investment returns exceeding 15% over the next six months [1][3][6]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2024, with revenue reaching 250 million yuan, a year-on-year growth of 27.25% and a quarter-on-quarter growth of 3.85% [1]. - The net profit attributable to shareholders was 67 million yuan, reflecting a year-on-year increase of 30.10% and a quarter-on-quarter increase of 2.40% [1]. - The company is focusing on high-end downstream applications, with a projected annual production capacity of 25,200 tons for electronic-grade functional powder materials [1][3]. Financial Performance - The company achieved a gross margin of 42.73% in Q3 2024, maintaining stability compared to previous quarters [1]. - For the fiscal years 2024 to 2026, the company is projected to achieve revenues of 962 million yuan, 1.232 billion yuan, and 1.527 billion yuan, with growth rates of 35.2%, 28.0%, and 24.0% respectively [3][4]. - The net profit for the same period is expected to be 262 million yuan, 343 million yuan, and 442 million yuan, with growth rates of 50.4%, 31.2%, and 28.8% respectively [3][4]. Market Position and Strategy - The company has a strong technical foundation in the inorganic filler and particle carrier industry, enabling it to achieve mass production of high-end application products [3]. - The company is actively implementing measures to enhance its core competitiveness in spherical powder materials, positioning itself to capitalize on favorable market conditions [3]. - The company is also focusing on continuous R&D for advanced materials, including low-loss dielectric materials and thermal interface materials, to meet evolving market demands [1][3].