Investment Rating - Buy | Maintain [2] Core Views - The company achieved double-digit growth in both revenue and profit in Q3 2024, with revenue reaching 425 million yuan, a year-on-year increase of 31.60%, and a quarter-on-quarter increase of 70.79%. Net profit attributable to shareholders was 41.72 million yuan, up 11.07% year-on-year and 44.27% quarter-on-quarter [5] - The company is actively advancing its Vietnam project, establishing a wholly-owned subsidiary, Vietnam Siquan New Materials Co., Ltd., to invest in thermal management product projects. The company has selected a land plot in the VSIP Industrial Park in Bac Ninh, Vietnam, and has paid part of the land fee [6] - The company is focusing on the "thermal management materials + thermal management components + thermal management systems" product strategy, strengthening strategic cooperation with international clients, and providing comprehensive thermal design and product solutions [6] - The integration of AI technology is driving new market opportunities in consumer electronics, with international tech companies launching AI phones and AI PCs, which require more advanced thermal solutions. The company is expected to benefit from this trend and secure more orders [6] - The company's North American client saw a significant increase in orders in Q3 2024 compared to Q2, and the company plans to further increase its share with this client in 2024 [6] Financial Projections - Revenue is expected to reach 640 million yuan in 2024, 850 million yuan in 2025, and 1.15 billion yuan in 2026, with year-on-year growth rates of 47.39%, 32.85%, and 35.28% respectively [11] - Net profit attributable to shareholders is projected to be 70.37 million yuan in 2024, 100.18 million yuan in 2025, and 150.44 million yuan in 2026, with growth rates of 28.94%, 42.36%, and 50.17% respectively [11] - EPS is forecasted to be 1.22 yuan in 2024, 1.74 yuan in 2025, and 2.61 yuan in 2026 [11] - The company's P/E ratio is expected to be 55.26x in 2024, 38.82x in 2025, and 25.85x in 2026 [11] Company Overview - The latest closing price is 67.42 yuan, with a total market capitalization of 3.9 billion yuan and a circulating market capitalization of 2.3 billion yuan [4] - The company has a total share capital of 580 million shares, with 340 million shares in circulation [4] - The 52-week high and low prices are 92.98 yuan and 35.57 yuan, respectively [4] - The debt-to-asset ratio is 16.3%, and the P/E ratio is 56.18x [4] - The largest shareholder is Ren Zeming [4] Industry and Market Trends - The company is benefiting from the integration of AI technology in consumer electronics, which is driving demand for advanced thermal management solutions [6] - The company is expanding its overseas presence, particularly in Vietnam, to enhance its market share and profitability [6] - The company is strengthening its strategic partnerships with leading international clients, particularly in the North American market [6]
思泉新材：助力Ai算力端侧技术迭代