POCO(SZ:300811) Hua Yuan Zheng Quan·2024-10-28 01:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 1.227 billion yuan (up 43.6% year-on-year) and a net profit of 286 million yuan (up 51.7% year-on-year) [1] - The recovery of soft magnetic powder cores and the high growth of chip inductors are driving revenue growth, with Q3 revenue reaching 431 million yuan (up 58.1% year-on-year) [1] - The company is focusing on developing its new main business in chip inductors, benefiting from AI server demand, and has received recognition from major semiconductor manufacturers [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 40.9% and a net margin of 23.3% [1] - The company forecasts net profits of 381 million yuan, 481 million yuan, and 613 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 48.8%, 26.3%, and 27.5% [1][2] - The projected P/E ratios for 2024, 2025, and 2026 are 36, 29, and 23 respectively, indicating a favorable valuation as the company continues to grow [1][2] Revenue and Profit Forecast - Revenue is expected to grow from 1.672 billion yuan in 2024 to 2.483 billion yuan in 2026, with corresponding growth rates of 44.37% and 22.44% [2][4] - The company's earnings per share (EPS) are projected to increase from 1.35 yuan in 2024 to 2.18 yuan in 2026 [2][4] Market Position and Strategy - The company is establishing itself in the high-growth sectors of energy storage and new energy, with chip inductors expected to become a second growth driver [1] - The company is actively developing new products suitable for AI server power circuits, with small-scale production already achieved for the TLVR inductor [1]