POCO(SZ:300811) Huaan Securities·2024-10-28 01:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with a sustained high demand for chip inductors [1] - The company reported a revenue of 1.227 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 43.63%, and a net profit attributable to shareholders of 286 million yuan, up 51.69% year-on-year [1] - The gross margin improved to 40.93%, an increase of 3.27 percentage points year-on-year, indicating significant enhancement in profitability [1] - The company is expanding its customer base, securing partnerships with renowned semiconductor manufacturers such as MPS and Infineon, which is expected to support continued high growth in chip inductors [1] - The company plans to raise 300 million yuan for a new high-end integrated inductor project, aimed at addressing capacity and performance constraints [1] Financial Summary - For 2024, the company forecasts revenues of 1.6 billion yuan, with a year-on-year growth of 38.1%, and a net profit of 376 million yuan, reflecting a 47% increase [2] - The projected gross margin for 2024 is 39.1%, slightly down from 39.6% in 2023, while the return on equity (ROE) is expected to rise to 16.2% [2] - The company anticipates a steady increase in revenue and net profit through 2026, with revenues reaching 2.463 billion yuan and net profits of 583 million yuan [2][3]