GenTech(SH:688596) GF SECURITIES·2024-11-15 08:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 45.55 CNY per share, based on a 24x PE valuation for 2024 [2][4]. Core Insights - The company's performance aligns with expectations, achieving a revenue of 3.501 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 45.23%. The net profit attributable to shareholders reached 332 million CNY, up 22.58% year-on-year [4]. - The company has a robust order backlog, with approximately 50% of orders coming from the IC industry. Non-equipment business segments have seen a significant increase in new contracts, growing by 83% year-on-year, indicating a substantial shift in the company's product and business structure [4]. - The third quarter saw a revenue of 1.649 billion CNY, a year-on-year increase of 54.63% and a quarter-on-quarter increase of 30.51%. The net profit for Q3 was 227 million CNY, reflecting an impressive year-on-year growth of 87.72% [4]. Financial Summary - Revenue projections for 2024-2026 are as follows: 5.716 billion CNY in 2024, 7.555 billion CNY in 2025, and 9.272 billion CNY in 2026, with respective growth rates of 49.0%, 32.2%, and 22.7% [4][21]. - The company's EBITDA is expected to reach 897 million CNY in 2024, 1.162 billion CNY in 2025, and 1.421 billion CNY in 2026 [21]. - The earnings per share (EPS) forecast is 1.90 CNY for 2024, 2.55 CNY for 2025, and 3.23 CNY for 2026, with corresponding P/E ratios decreasing from 21.08 in 2024 to 12.39 in 2026 [21].