SG Micro Corp(300661) 开源证券·2024-10-28 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year increase in performance for Q3 2024, with revenue reaching 2.445 billion yuan, up 29.96% year-on-year, and net profit attributable to shareholders increasing by 100.57% to 285 million yuan [2] - The growth in profit is attributed to the recovery of the integrated circuit market, increased sales, and the company's proactive approach in deepening customer cooperation and expanding investments in industrial and automotive electronics [2] - The company is expected to maintain strong growth momentum with ongoing R&D efforts and the introduction of new products with independent intellectual property rights [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.445 billion yuan, with a gross profit margin of 52.17% and a net profit margin of 11.34% [2] - Q3 2024 revenue was 868 million yuan, representing an 18.52% year-on-year increase, while net profit was 106 million yuan, up 102.74% year-on-year [2] - R&D expenses for Q3 2024 reached 231 million yuan, a 14.87% increase year-on-year, indicating a strong commitment to innovation [3] Future Projections - The company forecasts net profits attributable to shareholders of 335 million yuan, 770 million yuan, and 1.179 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 134.1, 58.3, and 38.1 [2][5] - The company is expected to continue its growth trajectory with a projected revenue increase of 20% in 2024 and 21.7% in 2025 [5] Shareholder Engagement - The company has implemented an incentive mechanism to stabilize its equity structure, which is expected to enhance motivation and signal long-term development confidence [4]