创世纪：2024Q3订单和业绩保持高增，持续成长可期

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company is experiencing high growth in orders and performance, with a significant recovery in the consumer electronics sector driving sales of its flagship product, the drilling and milling machine [1][2] - The company is actively expanding its overseas market presence, contributing to revenue growth [1] - The introduction of high-end five-axis CNC machines is gaining traction, with several models achieving mass sales, indicating a growing revenue stream from this segment [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 4,527 - 2023A: 3,529 - 2024E: 4,652 - 2025E: 5,856 - 2026E: 7,272 - Year-on-year growth rates: - 2023A: -22% - 2024E: 32% - 2025E: 26% - 2026E: 24% [1] - Net Profit (in million yuan): - 2022A: 335 - 2023A: 194 - 2024E: 376 - 2025E: 514 - 2026E: 686 - Year-on-year growth rates: - 2023A: -42% - 2024E: 94% - 2025E: 36% - 2026E: 33% [1] - Earnings Per Share (in yuan): - 2022A: 0.20 - 2023A: 0.12 - 2024E: 0.23 - 2025E: 0.31 - 2026E: 0.41 [1] Market Position and Competitive Advantage - The company is recognized as a leader in the drilling and milling machine market, with a strong market share in the consumer electronics sector [1] - The flagship drilling machine is utilized for precision machining of mobile phones, tablets, and metal structural components, competing effectively with international leaders [1] - The company has established strong relationships with major domestic electronics manufacturers, enhancing its market position [1] Future Outlook - The company is expected to see continued growth driven by several factors, including increased demand for titanium alloy mobile phone frames, ongoing recovery in the consumer electronics sector, and rising mobile phone sales [1] - The five-axis high-end machine segment is anticipated to contribute significantly to revenue growth, with increasing brand recognition and customer acceptance [1]