Ingenic(300223) Huaan Securities·2024-10-28 03:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company demonstrates strong operational resilience and is awaiting a recovery in the industry market [1] - The company's revenue for the first three quarters of 2024 was 3.2 billion yuan, a year-on-year decrease of 6.4%, with a net profit attributable to the parent company of 300 million yuan, down 17.4% year-on-year [1] - The gross profit margin for the first three quarters was 37.4%, an increase of 0.7 percentage points year-on-year [1] - The company expects a gradual recovery in core downstream markets in the coming quarters [1] Financial Performance Summary - For Q3 2024, the company achieved revenue of 1.09 billion yuan, a year-on-year decrease of 8.7% and a quarter-on-quarter decrease of 0.5% [1] - The net profit attributable to the parent company for Q3 2024 was 110 million yuan, down 26.9% year-on-year and down 3.0% quarter-on-quarter [1] - The company’s revenue from computing chips for the first three quarters was 813 million yuan, a slight year-on-year decrease of 0.3% [1] - Revenue from storage chips for the first three quarters was 1.987 billion yuan, a year-on-year decrease of 10.5% [1] - Revenue from analog and interconnected chips for the first three quarters was 347 million yuan, a year-on-year increase of 16.5% [1] Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 440 million, 570 million, and 690 million yuan respectively, with corresponding EPS of 0.92, 1.19, and 1.43 yuan per share [1][2] - The projected P/E ratios for 2024-2026 are 80.1, 62.0, and 51.4 times respectively [2]