Lontium(688486) 华福证券·2024-10-23 03:09Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark within the next six months [13]. Core Insights - The company achieved a revenue of 330 million yuan in the first three quarters of 2024, representing a year-over-year increase of 50%. The net profit attributable to the parent company was 90 million yuan, up 33% year-over-year [1]. - The gross margin for Q3 2024 saw a significant recovery, reaching 58.61%, which is an increase of 3.47 percentage points quarter-over-quarter and 3.95 percentage points year-over-year. This recovery may indicate an improvement in industry conditions and market competition [2]. - The company has increased its R&D expenditure to 28 million yuan in Q3 2024, a year-over-year increase of 48%, which supports its growth strategy, particularly in the automotive Serdes segment [2]. - The company launched several new chip series in H1 2024, contributing to a 20% revenue share from its automotive display business, which is currently its fastest-growing segment [3]. Financial Performance and Forecast - The company is projected to achieve revenues of 463 million yuan, 640 million yuan, and 874 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 140 million yuan, 205 million yuan, and 299 million yuan [5]. - The report indicates an upward revision of previous forecasts, reflecting a positive outlook for the company's financial performance [5]. - Key financial ratios show a revenue growth rate of 34.1% for 2023, expected to rise to 43.4% in 2024, and a net profit growth rate of 48.4% for 2023, projected to be 33.5% in 2024 [11].