Chipown(SH:688508) Guoxin Securities·2024-10-28 02:42Group 1 - Investment Rating: Outperform the market [3][4] - Core Viewpoint: The company achieved a record high revenue in Q3, with a year-on-year revenue growth of 22% for the first three quarters of 2024, reaching 707 million yuan, and a net profit of 77.24 million yuan, up 28.68% year-on-year [1][3] - Q3 Performance: In Q3 2024, the company reported revenue of 254 million yuan, a year-on-year increase of 29.78%, and a net profit of 33.31 million yuan, up 178.81% year-on-year [1][3] Group 2 - Financial Metrics: The gross margin for the first three quarters of 2024 was 36.89%, a slight decrease of 1.76 percentage points year-on-year, while the Q3 gross margin was 37.61%, showing a year-on-year decrease of 0.5 percentage points but an increase of 1.3 percentage points quarter-on-quarter [1][3] - R&D Investment: R&D expenses for the first three quarters increased by 12.59% to 164 million yuan, with the R&D expense ratio decreasing by 1.9 percentage points to 23.16% [1][3] - Product Development: The company has successfully mass-produced several products in the server field, including DrMOS and digital multi-phase controllers, which are being validated by clients [1][3] Group 3 - Profit Forecast: The net profit estimates for 2024-2026 have been slightly adjusted to 123 million yuan, 169 million yuan, and 224 million yuan respectively, corresponding to PE ratios of 46x, 34x, and 26x based on the stock price as of October 25, 2024 [1][2] - Revenue Growth Projections: The company is expected to achieve revenues of 959 million yuan in 2024, 1.14 billion yuan in 2025, and 1.30 billion yuan in 2026, reflecting growth rates of 22.8% and 19% for the following years [2][3] - Market Position: The company maintains a strong market position with over 1,700 effective product models across various application series, including home appliances, standard power supplies, and industrial power chips [1][3]