Amlogic(688099) 华金证券·2024-10-16 10:37Investment Rating - Buy-A (Maintained) [1] Core Views - The company's 24Q3 revenue reached a historical high for the same period, driven by market recovery, aggressive sales strategies, and improved operational efficiency [3] - 24Q3 revenue was 1,624 million yuan, up 7.73% YoY, with a gross margin of 38.22%, up 2.24 percentage points YoY [3] - The company's 2024 full-year revenue is expected to achieve YoY growth, supported by the recovery of the global consumer electronics market and the enrichment of product application scenarios [3] - The company's W-series Wi-Fi 6 chips are expected to surpass 10 million units in annual sales for the first time in 2024 [4] - The company's 6nm chip, based on ARM V9 architecture, offers a 60%+ improvement in CPU performance and a 230%+ improvement in GPU performance compared to the previous generation, with 50% lower power consumption [7] Product Performance - T-series: Revenue grew over 50% YoY in the first three quarters of 2024, making it the company's largest product line [4] - S-series: The company secured 100% of the 8K chip market share in China Telecom's 2024-2025 IPTV set-top box procurement project, marking the official entry of China's video application field into the 8K era [4] - W-series: The Wi-Fi 6 chip won a significant share in China Telecom Sichuan's 2024 procurement project, marking its first batch breakthrough in the domestic operator market [7] Financial Performance - 2024 Q1-Q3 revenue: 4,640 million yuan, up 20.28% YoY [3] - 2024 Q1-Q3 net profit attributable to shareholders: 594 million yuan, up 89.32% YoY [3] - 2024 Q1-Q3 R&D expenses: 1,019 million yuan, up 7.04% YoY [3] - 2024 Q3 net profit attributable to shareholders: 232 million yuan, up 79.68% YoY [3] Financial Forecasts - 2024E revenue: 6,714 million yuan, up 25.0% YoY [8] - 2024E net profit attributable to shareholders: 822 million yuan, up 65.0% YoY [8] - 2024E gross margin: 36.7% [8] - 2024E EPS: 1.96 yuan [8] Valuation - 2024E P/E: 34.1x [8] - 2024E P/B: 4.5x [8] - 2024E EV/EBITDA: 26.5x [10]