Investment Rating - Buy (maintained) [1] Core Views - The company's Q3 2024 performance was strong, with both revenue and net profit reaching record highs [2][3] - Revenue in Q3 2024 was RMB 134 million, up 40.37% YoY and 16.52% QoQ [3] - Net profit attributable to shareholders in Q3 2024 was RMB 82 million, up 45.53% YoY and 41.38% QoQ [3] - Gross margin in Q3 2024 was 86.84%, up 0.44 pct YoY and 5.55 pct QoQ [2] - Net profit margin in Q3 2024 was 60.86%, up 2.16 pct YoY and 10.33 pct QoQ [2] - The company's operating efficiency improved, with management expense ratio decreasing by 3.49 pct YoY [2] - R&D investment increased by 24.75% YoY, focusing on improving product performance and expanding product categories [2] Market Performance - The company's stock outperformed the CSI 300 index by 41.0% over 1 month, 63.2% over 3 months, and 25.9% over 12 months [2] - Current stock price is RMB 46.18, with a 52-week range of RMB 21.61-49.93 [2] - Total market capitalization is RMB 18.47 billion, with a circulating market cap of RMB 11.23 billion [2] Industry and Product Analysis - The company's MEMS gyroscopes and accelerometers have undergone three iterations, with performance reaching international advanced levels [6] - The company is developing fourth-generation products, including single-chip three-axis gyroscopes and industrial-grade gyroscopes [6] - The FM accelerometer has entered small-scale production, marking a significant industry advancement [6] - The company is developing pressure sensors and 6-axis automotive-grade IMUs for autonomous driving and robotics [6] Financial Forecasts - Revenue is expected to grow to RMB 451 million in 2024, RMB 652 million in 2025, and RMB 943 million in 2026 [6] - Net profit attributable to shareholders is forecasted to be RMB 234 million in 2024, RMB 343 million in 2025, and RMB 492 million in 2026 [6] - ROE is projected to increase from 10% in 2024 to 18% in 2026 [6] - P/E ratio is expected to decline from 78.89 in 2024 to 37.51 in 2026 [6] Growth Drivers - The company benefits from increasing penetration of MEMS sensors in high-reliability fields [6] - Emerging industries such as autonomous vehicles, low-altitude economy, and satellites are expected to create new growth opportunities [6] - The company's technological advantages and continuous product iteration support its competitive position [6]
芯动联科：2024年三季报点评：2024Q3业绩表现优异，产品逐步放量推动利润率同环比提升