LINTON Technologies Group(835368) 开源证券·2024-11-26 14:07Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved a revenue of 3.968 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 7.31%. However, the net profit attributable to the parent company decreased by 17.73% to 376.8855 million yuan. Due to increased credit impairment and asset impairment provisions, the profit forecast for 2024-2026 has been revised downwards [3][4] - The company holds a 15.18% stake in the newly listed Laplace New Energy Technology Co., Ltd., which went public on October 29, 2024. The shares are classified as "long-term equity investments" and will not impact current profits directly due to accounting methods [4] - The semiconductor equipment investment is expected to rebound globally, with a projected total sales of 109 billion USD in 2024, reflecting a 3.4% increase. The company is investing in a semiconductor equipment R&D and manufacturing base, indicating a strategic focus on the semiconductor sector [5] Financial Summary - For 2024E, the company is expected to achieve a revenue of 5.864 billion yuan, a decrease of 2.3% year-on-year. The net profit is projected to be 407 million yuan, down 40.3% year-on-year. The EPS for 2024E is estimated at 1.74 yuan, with a P/E ratio of 23.3 [7] - The company's total assets are projected to be 10.81 billion yuan in 2024E, with total liabilities of 6.505 billion yuan, resulting in a debt-to-equity ratio of approximately 60.2% [13] - The company’s gross margin is expected to be 26.4% in 2024E, with a net margin of 6.9% [7]