JADARD TECHNOLOGY INC.(688252) Guoxin Securities·2024-10-25 05:12Investment Rating - The investment rating for the company is "Outperform the Market" [3][16]. Core Views - The company achieved record high revenue in Q3, with a year-on-year increase of over 200% in net profit attributable to shareholders. For the first three quarters of 2024, revenue reached 1.484 billion yuan (YoY +79.57%), and net profit attributable to shareholders was 192 million yuan (YoY +156.55%) [1]. - The increase in revenue is primarily driven by the rising demand for display driver chips for smart mobile terminals and electronic price tags, along with growing market share due to customer recognition of new products [1]. - The gross margin improved both year-on-year and quarter-on-quarter, with Q3 2024 gross margin at 22.34%, up 4.0 percentage points YoY and 0.9 percentage points QoQ [1]. - The company is expanding its market presence through new products in display driver chips and electronic price tags, with significant advancements in technology and product offerings [1]. Financial Forecasts - Revenue is projected to grow significantly, with estimates of 2.096 billion yuan for 2024 (YoY +73.4%), 2.704 billion yuan for 2025 (YoY +29.0%), and 3.301 billion yuan for 2026 (YoY +22.1%) [2]. - Net profit attributable to shareholders is expected to reach 236 million yuan in 2024 (YoY +109.3%), 287 million yuan in 2025 (YoY +21.7%), and 345 million yuan in 2026 (YoY +19.9%) [2]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 44x, 36x, and 30x respectively, based on the updated profit forecasts [1][2].