UNICOMP(SH:688531) Huaan Securities·2024-11-11 13:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady growth in Q3 2024, with a revenue of 510 million yuan, representing a year-on-year increase of 20%. The net profit attributable to shareholders was 110 million yuan, up 30.1% year-on-year [1] - The company is expanding its X-ray source equipment production and actively exploring overseas markets, with overseas sales revenue gradually increasing [1] - The company plans to invest 700 million yuan in a project to build a facility for producing 3,000 sets of industrial X-ray intelligent detection equipment, with construction expected to take place from January 2025 to December 2026 [1] Financial Performance Summary - For the first three quarters of 2024, the company's gross margin was 45.2%, an increase of 5.6 percentage points year-on-year, while the net profit margin was 20.5%, up 1.6 percentage points year-on-year [1] - The company reported inventory of 270 million yuan, a year-on-year increase of 36.3%, and accounts receivable of 270 million yuan, up 27.9% year-on-year [1] - The projected revenue for 2024-2026 is 765 million yuan, 1,004 million yuan, and 1,295 million yuan respectively, with net profits of 151 million yuan, 211 million yuan, and 273 million yuan respectively [3][4] Valuation Metrics - The projected diluted EPS for 2024-2026 is 1.3 yuan, 1.8 yuan, and 2.4 yuan respectively, with corresponding P/E ratios of 44, 32, and 24 [1][3] - The company maintains a strong position in the industrial X-ray detection equipment sector, with robust domestic substitution capabilities for X-ray sources [1]