POCO(300811) 民生证券·2024-10-24 07:39Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its performance and growth potential [2][4]. Core Insights - The company reported a revenue of 1.227 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 43.63%. The net profit attributable to shareholders reached 286 million yuan, up 51.69% year-on-year [2]. - The growth in revenue and profit is primarily driven by the rapid expansion of the chip inductor business and the continuous growth of the magnetic powder core segment [2]. - The company has achieved significant recognition from global semiconductor manufacturers, which is expected to enhance its market position and growth trajectory [2]. - The report forecasts net profits for 2024, 2025, and 2026 to be 390 million, 506 million, and 621 million yuan respectively, with corresponding PE ratios of 35, 27, and 22 times based on the closing price on October 23, 2024 [2][3]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.655 billion yuan, reflecting a growth rate of 42.8% compared to 2023. The net profit is expected to be 390 million yuan, with a growth rate of 52.3% [3][5]. - The comprehensive gross margin for the first three quarters of 2024 was 40.63%, with a slight increase in Q3 to 40.93% year-on-year [2]. - The company has maintained a strong focus on R&D, with significant investments aimed at developing new products, particularly in the AI and automotive sectors [2][5].