Investment Rating - Buy (maintained) [1] Core Views - The company's Q3 2024 financial performance remains strong, with revenue reaching 1.34 billion yuan, a year-on-year increase of 40.37%, and net profit attributable to shareholders of 816.33 million yuan, up 45.53% year-on-year [1] - The company's core business performance is excellent, with non-GAAP net profit reaching 765.99 million yuan, a year-on-year increase of 55.73% [1] - The company's gross profit margin has improved, reaching 83.97% in Q3 2024, up 0.96 percentage points from 83.01% in the 2023 annual report [1] - The company's high-performance inertial sensor chips are widely used in high-reliability, high-end industrial, and unmanned systems, with potential for significant downstream market expansion [1] - The company has secured customer projects and large orders, demonstrating the quality of its high-performance inertial sensor chips [1] Financial Performance and Forecasts - Revenue for 2024-2026 is forecasted to be 4.72/6.84/9.68 billion yuan, with net profit attributable to shareholders of 2.37/3.26/4.02 billion yuan [1] - EPS for 2024-2026 is projected to be 0.59/0.82/1.01 yuan, with P/E ratios of 78/57/46 times [1] - The company's gross profit margin is expected to remain high, with forecasts of 81.7%/80.5%/79.7% for 2024-2026 [2] - ROE is projected to increase from 7.8% in 2023 to 15.5% in 2026 [2] Industry and Market Position - The company's high-performance inertial sensor chips are applied in various industries, including commercial aerospace, maritime, resource exploration, industrial IoT, drones, autonomous driving, and robotics [1] - The company maintains a leading position in the high-performance inertial sensor chip market, with strong pricing power and industry status [1] Financial Ratios and Metrics - The company's P/E ratios for 2024-2026 are 77.82/56.61/45.91 times, with P/B ratios of 8.43/7.84/7.11 times [2] - The company's EV/EBITDA ratios for 2024-2026 are 26.12/18.69/13.36 times [2] - The company's net profit margin is expected to remain above 40%, with forecasts of 50.25%/47.69%/41.58% for 2024-2026 [3]
芯动联科：业绩持续表现优异，下游放量在即