Investment Rating - No rating provided for the company [9] Core Views - The company's performance was dragged down by a significant increase in management expenses [8] - In 2024 Q1-Q3, the company achieved revenue of 231.91 million yuan, a year-on-year increase of 25.52%, while net profit attributable to the parent company was 29.49 million yuan, a year-on-year decrease of 6.09% [3] - In 2024 Q3, the company achieved revenue of 75.23 million yuan, a year-on-year increase of 4.25%, while net profit attributable to the parent company was 9.78 million yuan, a year-on-year decrease of 13.96% [3] - The company's gross margin in 2024 Q1-Q3 was 45.00%, a year-on-year increase of 3.69 percentage points, while the net profit margin attributable to the parent company was 15.68%, a year-on-year decrease of 3.10 percentage points [3] - The company's gross margin in 2024 Q3 was 46.90%, a year-on-year increase of 6.44 percentage points, while the net profit margin attributable to the parent company was 16.16%, a year-on-year decrease of 1.15 percentage points [3] Financial Performance - From 2020 to 2023, the company's revenue grew from 163.53 million yuan to 259.69 million yuan, with a year-on-year growth rate of 43.06% in 2023 [5] - From 2020 to 2023, the company's net profit attributable to the parent company fluctuated, with a year-on-year decrease of 29.61% in 2023 [5] - The company's ROE decreased from 13.39% in 2020 to 5.59% in 2023 [5] - The company's EPS decreased from 0.64 yuan in 2020 to 0.52 yuan in 2023 [5] - The company's P/E ratio increased from 26.01 in 2022 to 45.52 in 2023 [5] Operational Metrics - The company's total asset turnover rate was 0.23, remaining flat compared to the previous year [6] - The company's operating cash flow was -12.04 million yuan, a year-on-year increase of 51.96% [6] - The company's management expense ratio increased by 4.49 percentage points year-on-year to 17.32% in 2024 Q1-Q3 [6] Company Overview - The company is a quartz product processing enterprise with over 20 years of history, specializing in the production, R&D, and sales of quartz instruments, quartz pipes, and quartz boats [7] - The company's products are widely used in the semiconductor integrated circuit chip field, photovoltaic solar industry, and other fields [7] - The company has established a strong R&D and innovation system, with a high-quality talent team and multiple patented technologies [7] - As of December 5, 2024, the company's market capitalization was 2.5971 billion yuan, with a TTM P/E ratio of 72.03 [7] Market Data - As of December 5, 2024, the company's closing price was 34.62 yuan [4] - The company's total share capital is 75 million shares, with a circulating share capital of 59.51 million shares [4] - The company's net assets are 725.26 million yuan, with total assets of 1,024.92 million yuan [4] - The company's net asset per share is 9.67 yuan [4]
凯德石英：管理费用大增拖累公司业绩