Amlogic(688099) 德邦证券·2024-10-17 05:23Investment Rating - The report maintains a "Buy" rating for the company, 晶晨股份 (688099.SH) [1] Core Views - The company is expected to achieve significant revenue and profit growth in the first three quarters of 2024, driven by market recovery and new product launches. Projected revenue is approximately 4.64 billion yuan, a year-on-year increase of about 20.3%, and net profit is expected to be around 594 million yuan, a year-on-year increase of approximately 89.3% [4][5] - The third quarter is anticipated to set a new record for revenue, with an estimated 1.62 billion yuan, reflecting a year-on-year increase of 7.7% and a stable quarter-on-quarter performance. The gross margin is expected to be around 38.2%, up approximately 2.2 percentage points year-on-year [4][5] - The company continues to invest heavily in R&D, with a focus on expanding its product matrix and achieving breakthroughs in multiple new products [5] Summary by Sections Market Performance - The company has experienced a relative performance of -43% compared to the沪深300 index as of October 2023 [3] Financial Data and Forecast - For 2024, the company forecasts revenues of 6.89 billion yuan and net profits of 797 million yuan, with a projected P/E ratio of 36 [6][7] - The gross margin is expected to improve from 36.4% in 2023 to 37.0% in 2024, with net profit margin increasing from 9.3% to 11.6% [7][9] Product Strategy - The T series products have seen over 50% year-on-year sales growth, while the W series Wi-Fi 6 chips have gained significant market share in domestic operator tenders [4][5] - The company has secured initial commercial orders for its 6nm chips based on the new ARM V9 architecture, which will be used in flagship products by several global operators [4][5] R&D Investment - The company has increased its R&D personnel by approximately 60 compared to the same period last year, with R&D expenses reaching about 1.02 billion yuan, a year-on-year increase of 0.07 billion yuan [5]