GenTech(SH:688596) Tianfeng Securities·2025-01-22 00:34Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company is expected to achieve a revenue of between 500 million to 550 million yuan in 2024, representing a year-on-year growth of 30% to 43%. The projected net profit attributable to shareholders is estimated to be between 52.2 million to 56.3 million yuan, also reflecting a growth of 30% to 40% [1][2]. - The significant increase in revenue and profit is attributed to the transformation of the business structure, with a notable rise in non-equipment-related business income [2]. - The company plans to issue convertible bonds to raise up to 1.04 billion yuan, focusing on expanding its OPEX business, which includes electronic gases and precursor materials [3]. Financial Performance Summary - For 2024, the company anticipates a revenue of approximately 5.82 billion yuan, with a growth rate of 51.55%. The net profit attributable to shareholders is projected at 561.87 million yuan, marking a growth rate of 40% [6]. - The operating cash flow is expected to significantly increase, with a net cash flow from operating activities projected between 370 million to 420 million yuan, a staggering growth of 242% compared to the previous year [2]. - The company’s EBITDA for 2024 is estimated at 659.68 million yuan, with a corresponding growth rate of 40% [6]. Investment Projections - The profit forecasts for the company have been revised upwards for 2024, 2025, and 2026, with expected net profits of 562 million, 769 million, and 1.071 billion yuan respectively [5]. - The report highlights a strong growth trajectory, with the company’s revenue and profit expected to continue increasing in the coming years, supported by ongoing projects and operational efficiencies [5][6].