3PEAK(SH:688536) Minsheng Securities·2024-08-19 05:30Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company reported a revenue of 507 million yuan in the first half of 2024, a year-on-year decrease of 17.21%, with a net profit attributable to shareholders of -66 million yuan, indicating a transition to loss [2]. - In Q2 2024, the company achieved a revenue of 307 million yuan, a year-on-year increase of 0.63% and a quarter-on-quarter increase of 53.33%, with a net profit of -16 million yuan, showing a reduction in losses [2]. - The company experienced a record high in product shipments in Q2 2024, with a slight recovery in average selling price and gross margin, which was 48.28%, improving by 0.65 percentage points quarter-on-quarter [2]. - New products in signal chain and power management continue to be launched, with signal chain chip revenue reaching 244 million yuan, a quarter-on-quarter increase of 40.54%, and power management chip revenue reaching 62 million yuan, a quarter-on-quarter increase of 138.23% [2]. - The company plans to issue convertible bonds and acquire Chuangxinwei, which will enhance its product and market layout, particularly in the consumer and BMS technology sectors [2]. Financial Forecasts - The company is expected to achieve net profits of 72 million yuan, 283 million yuan, and 529 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 148, 37, and 20 [2][3]. - Revenue is projected to grow from 1,389 million yuan in 2024 to 2,462 million yuan in 2026, with growth rates of 27.03%, 34.83%, and 31.47% respectively [5]. - The gross margin is expected to improve from 50.18% in 2024 to 53.33% in 2026, indicating a positive trend in profitability [5].