Thinkon Semi(SH:688233) China Post Securities·2024-10-28 04:34Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has shown strong revenue growth driven by increased customer orders and market recovery, with Q3 2024 revenue reaching 88.89 million yuan, a year-on-year increase of 120.32% and a quarter-on-quarter increase of 32.87% [4] - The company's net profit for Q3 2024 was 22.72 million yuan, reflecting a year-on-year increase of 229.81% and a quarter-on-quarter increase of 588.50% [4] - The silicon component business has become a new growth point for the company, with significant sales growth and a projected market size of 1.8 billion yuan annually in China [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 214 million yuan, a year-on-year increase of 79.65%, and a net profit of 27.49 million yuan, a year-on-year increase of 166.71% [3][4] - The projected revenues for 2024, 2025, and 2026 are 331 million yuan, 620 million yuan, and 1.146 billion yuan, respectively, with corresponding net profits of 58 million yuan, 169 million yuan, and 362 million yuan [5][7] - The company's PE ratios for 2024, 2025, and 2026 are projected to be 72, 24, and 11 times, respectively [5][7]