天岳先进：前三季度营收创新高，8英寸衬底率先“出海”

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Insights - The company achieved a record high revenue of 1.281 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 55.34%. The net profit attributable to shareholders reached 143 million yuan, marking a significant turnaround from losses in the previous year [1]. - In Q3 2024, the company reported a revenue of 369 million yuan, a year-on-year decrease of 4.60% and a quarter-on-quarter decrease of 24.10%. However, the net profit for Q3 was 41 million yuan, showing a remarkable year-on-year increase of 982.08% despite a quarter-on-quarter decline of 26.25% [1]. - The gross margin for Q3 2024 was 32.63%, an increase of 13.94 percentage points year-on-year and 8.39 percentage points quarter-on-quarter, indicating a clear upward trend in profitability [1]. Financial Performance Summary - For the first three quarters of 2024, the company incurred operating expenses of 226 million yuan, with an expense ratio of 17.61%, down by 10.32 percentage points year-on-year. R&D expenses amounted to 95 million yuan, with a R&D expense ratio of 7.42%, also down by 7.52 percentage points year-on-year [1]. - The company is projected to achieve revenues of 1.690 billion yuan, 2.358 billion yuan, and 3.059 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding net profits are expected to be 204 million yuan, 358 million yuan, and 533 million yuan [4][7]. - The report highlights a significant increase in the company's international sales of high-quality conductive silicon carbide substrates, with over 50% of the world's top ten power semiconductor companies now being clients [1][4]. Industry Outlook - The report emphasizes the growth potential of the third-generation semiconductor industry, driven by trends in global energy electrification and decarbonization. The electric vehicle sector remains the largest application area for silicon carbide [1]. - The company is noted for being one of the most comprehensive and internationally advanced silicon carbide substrate manufacturers in China, with a strong competitive edge due to its high-quality products [1].