安集科技：24Q3业绩快速增长，新品持续放量

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company has shown rapid growth in Q3 2024, with continuous expansion of new products. The orderly advancement of the company's platform layout is viewed positively, maintaining the "Buy" rating [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.312 billion RMB, a year-on-year increase of 46.10%. The net profit attributable to the parent company was 393 million RMB, up 24.46% year-on-year. In Q3 2024, revenue reached 515 million RMB, representing a year-on-year growth of 59.29% and a quarter-on-quarter increase of 22.95%. The net profit for Q3 was 159 million RMB, with a year-on-year growth of 97.20% and a quarter-on-quarter increase of 23.00% [4][5] Product Development and Market Expansion - The growth in demand for polishing liquids is driven by the recovery of wafer fab utilization rates. The company has successfully launched multiple polishing liquids, including those for advanced processes, and has achieved mass production of several products using domestic grinding particles. New products have entered the growth phase, and the company has made significant technological breakthroughs in its polishing liquid products [4][5] Profitability Metrics - The gross margin for the first three quarters of 2024 was 58.56%, an increase of 2.52 percentage points year-on-year. The net profit margin was 29.92%, a decrease of 5.20 percentage points year-on-year. In Q3 2024, the gross margin was 59.86%, up 2.12 percentage points year-on-year and 2.81 percentage points quarter-on-quarter. The net profit margin for Q3 was 30.79%, an increase of 5.92 percentage points year-on-year [4][5] Earnings Forecast - The company has raised its profit forecast, expecting net profits attributable to the parent company to be 544 million RMB, 708 million RMB, and 867 million RMB for 2024, 2025, and 2026 respectively. The corresponding earnings per share are projected to be 4.21 RMB, 5.48 RMB, and 6.71 RMB, with price-to-earnings ratios of 36.3, 27.9, and 22.8 times [4][5]