Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company's performance remains stable with excellent profitability, achieving a revenue of 134 million yuan in Q3 2024, a year-on-year increase of 40.37%, and a net profit attributable to shareholders of 81.63 million yuan, up 45.53% year-on-year [2][3] - The company emphasizes R&D resource allocation to strengthen its core technological competitiveness, with R&D investment of 28.79 million yuan in Q3 2024, a year-on-year increase of 24.75%, accounting for 21.46% of revenue [3] - The company's products have a wide range of downstream applications, including high-reliability and high-end industrial sectors, with significant growth potential due to national support for new market demands [3] Financial Summary - For the fiscal year 2024E, the company is projected to achieve a revenue of 464 million yuan, a year-on-year growth of 46.4%, and a net profit of 237 million yuan, with a net profit margin of 51.1% [4][7] - The gross margin is expected to be 86.3% in 2024E, reflecting strong profitability [4][7] - The company’s earnings per share (EPS) for 2024E is estimated at 0.59 yuan, with corresponding price-to-earnings (P/E) ratios of 79.1X [5][7] Cash Flow and Financial Ratios - The net cash flow from operating activities for 2024E is projected to be 232 million yuan, indicating a positive cash flow trend [6] - The company maintains a low debt ratio of 2.8% in 2023A, reflecting strong solvency [7] - Return on equity (ROE) is expected to improve to 10.2% in 2024E, indicating enhanced profitability [7]
芯动联科：公司业绩符合预期，MEMS惯导行业领先地位稳固