dragonhiddentiger|三利谱(002876)：稼动率好于预期 期待高盈利新品起量

Institution: Changjiang Securities

Researcher: Yang Yang / Sherman / Fan Chao

Event description

The three interest spectrum announces the quarterly report of 2024DragonhiddentigerThe company realized operating income during the reporting periodDragonhiddentiger. 4.2 billion yuan, an increase of 27% over the same period last yearDragonhiddentiger.45%; realized net profit of 31 million yuan, an increase of 151.55% over the same period last year; realized net profit of 36 million yuan, an increase of 883.58% over the same period last year.

Event comment

In the first quarter, the harvest rate of the company in the downstream panel factory fell in the off-season.DragonhiddentigerThe demand environment achieved the same volume of operating income as the Q3 peak season in 2023, reflecting a significant increase in share, mainly due to the shortage of upstream materials, the company completed the transfer of orders with sufficient inventory and maintained a high capacity utilization rate.

On the expense side, the sales expense rate is 0.68%, which increases 0.07pct compared with the same period last year, while the month-on-month reduction of 0.17pct; the management expense rate of 3.93%, which increases 0.38pct and 2.08pct; the R & D expense rate is 6.60%, which is reduced by 0.41pct and 0.99pct; the financial expense rate is-1.56%, which is reduced by 2.49pct and 4.44pct. Among them, the increase in management expenses is mainly due to the increase in managers' wages, welfare expenses and rent, while the decrease in financial expenses is mainly due to the exchange gains under the depreciation of the yen. In addition, during the reporting period, the company calculated a credit impairment loss of 6.03 million yuan for bad debts of accounts receivable.

In terms of new products, the company's second phase TV polarizer production project in Hefei is expected to be put into production this year, and its 1720mm wide polarizer can cover a 65-inch efficient cutting scheme, which is expected to improve the current low gross profit margin of the company's TV polarizer. In addition, the company has also made a breakthrough in high value-added OLED polarizers and has become the first enterprise in China to supply small quantities of clients. We expect that after the release of the two new products, the company's profitability in 2025 will be further improved.

We believe that since the panel industry chain entered the downward cycle in 2021, in the downstream panel manufacturing profit pressure stage, the upstream materials are also under obvious price reduction pressure. With the repair of the price center after the joint production control in 2024, as well as the reduction of depreciation costs, the profitability of polarizers is expected to be repaired for a long time. It is estimated that the EPS of the company from 2024 to 2026 is 0.93,1.99,2.69, and the corresponding PE is 27.16,12.71,9.41 respectively.

Risk hint

1. The recovery of consumer electronics is not as expected.

2. The progress of new product volume is not as expected.