T&S(300570) 海通证券·2024-11-12 00:44Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a significant increase in revenue and profit for Q3 2024, with revenue reaching 406 million yuan, a year-on-year increase of 74.52% and a quarter-on-quarter increase of 41.69% [5] - The company is benefiting from increased customer orders and is actively advancing the research and production of high-speed active products [6] - Future revenue growth is expected to be stable, driven by demand from AI computing and 5G construction, with projected revenues of 1.41 billion, 2.11 billion, and 2.83 billion yuan for 2024, 2025, and 2026 respectively [7] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 916 million yuan, a year-on-year increase of 47.00%, and a net profit of 146 million yuan, a year-on-year increase of 39.09% [5] - The gross profit margin for Q3 2024 was 36.23%, an increase of 8.72 percentage points year-on-year [5] - The company’s R&D expenses for Q3 2024 were 23.65 million yuan, a year-on-year increase of 57.55%, indicating a commitment to innovation [6] Revenue Forecast - The company is projected to have revenues of 1.41 billion yuan in 2024, 2.11 billion yuan in 2025, and 2.83 billion yuan in 2026, with corresponding net profits of 250 million, 393 million, and 544 million yuan [7][11] - The expected EPS for 2024, 2025, and 2026 is 1.10, 1.73, and 2.39 yuan respectively [7][11] Market Comparison - The company is compared to peers in the industry, with a projected dynamic PE range of 45-50X for 2025, corresponding to a fair value range of 77.85 to 86.50 yuan [7][9]