Yoke Technology(002409) 中银证券·2024-11-15 02:31Investment Rating - The report maintains a Buy rating for the company, with a target price of RMB 66.57 [1] - The sector rating is Outperform [1] Core Views - The company's performance in the first three quarters of 2024 showed steady growth, with revenue reaching RMB 4.999 billion, a year-on-year increase of 41.15%, and net profit attributable to shareholders of RMB 748.77 million, up 55.80% year-on-year [3][5] - The electronic materials business continues to expand, with the LNG insulation board business entering a harvest period [1][3] - The company's gross margin for the first three quarters of 2024 was 32.88%, an increase of 1.02 percentage points year-on-year, while the net margin was 15.07%, up 0.89 percentage points year-on-year [3] - The company's downstream capacity utilization rate has improved, and the electronic materials sector is expected to continue growing [3] - The LNG insulation board business has seen steady development, with orders expected to continue to materialize [3] Financial Performance - In Q3 2024, the company achieved revenue of RMB 1.742 billion, a year-on-year increase of 42.93%, and net profit attributable to shareholders of RMB 229.23 million, up 64.64% year-on-year [6] - The company's EPS for 2024-2026 is forecasted to be RMB 1.97, RMB 2.64, and RMB 3.51, respectively, with corresponding P/E ratios of 33.7x, 25.2x, and 19.0x [3][4] - The company's EBITDA for 2024-2026 is projected to be RMB 1.503 billion, RMB 1.937 billion, and RMB 2.494 billion, respectively [4] Business Segments - Electronic Materials: The company has achieved full coverage of major domestic storage and logic chip manufacturers, with market share further increasing [3] - LNG Insulation Boards: The company has obtained GTT certification for its enhanced polyurethane foam material and is supplying insulation boards for multiple large LNG carriers [3] Valuation and Forecast - The company's revenue for 2024-2026 is expected to be RMB 6.726 billion, RMB 8.441 billion, and RMB 10.314 billion, respectively, with growth rates of 42.0%, 25.5%, and 22.2% [4] - The net profit attributable to shareholders for 2024-2026 is forecasted to be RMB 940 million, RMB 1.257 billion, and RMB 1.670 billion, respectively [4]