唯特偶（301319）：深耕电子焊接材料，双平台战略打造新增长极

Investment Rating - The report assigns an "Outperform" rating to the company [5] Core Insights - The company has achieved a revenue growth of 24.00% year-on-year in the first three quarters, with a revenue of 1.06 billion yuan and a net profit attributable to shareholders of 70 million yuan, reflecting a decline of 4.84% year-on-year [1] - The company is a leader in microelectronic welding materials, with a market share of approximately 7% in the solder paste sector, indicating significant potential for domestic substitution [2] - The company is expanding its business globally, establishing branches in six locations including Hong Kong, Singapore, and the United States, and has entered supply chains of major clients like Huawei and BYD [2][11] Summary by Sections Financial Performance - In the first three quarters, the company reported a comprehensive gross margin of 16.26% and a net profit margin of 6.56% [2] - The net cash flow from operating activities reached 82 million yuan, a significant increase of 1578.59% year-on-year, attributed to improved receivables management [2] - The company’s R&D investment for the first three quarters was 28 million yuan, up 19.86% year-on-year [2] Business Strategy - The company is implementing a "dual-platform strategy" focusing on "electronic assembly + reliability materials," with plans for acquisitions to enhance its product matrix [3] - The acquisition of a 65% stake in Jiaxing Jifei aims to expand the company's reliability materials product offerings, particularly in fire extinguishing materials [3][13] Revenue and Profit Forecast - The company is expected to achieve revenues of 1.54 billion yuan, 1.96 billion yuan, and 2.50 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 100 million yuan, 125 million yuan, and 176 million yuan [4][35] - The projected revenue growth rates for 2025-2027 are 27.0%, 27.4%, and 27.7% [33] Market Position and Clientele - The company serves a diverse range of industries including consumer electronics, automotive electronics, and photovoltaic sectors, collaborating with well-known clients such as Gree Electric and DJI [11][12] - The company’s products are positioned to compete with leading international brands, enhancing its market presence [2][7]