Chipown(688508) 民生证券·2024-10-28 15:13Investment Rating - The report maintains a "Recommend" rating for the company [4] Core Views - The company achieved a revenue of 707 million yuan in the first three quarters of 2024, a year-on-year increase of 21.95%, with a net profit attributable to the parent company of 77 million yuan, up 28.68% year-on-year [2] - In Q3 2024, the company's revenue reached 254 million yuan, a year-on-year increase of 29.78%, and the net profit attributable to the parent company was 33 million yuan, up 178.81% year-on-year [2] - The company's market share in the home appliance sector continues to grow, with revenue from the home appliance market increasing by over 20% in the first half of 2024 [2] - The company has made significant progress in the new energy vehicle sector, completing the ISO 26262 functional safety system certification and having multiple products pass the AEC-Q100 reliability certification [2] - The company's product portfolio includes PMIC, AC-DC, DC-DC, Gate Driver, and supporting power devices, with over 1,700 effective product models [2] Financial Forecasts - The company's revenue is expected to reach 998 million yuan in 2024, 1.217 billion yuan in 2025, and 1.533 billion yuan in 2026, with year-on-year growth rates of 27.89%, 21.90%, and 26.00% respectively [3][5] - Net profit attributable to the parent company is forecasted to be 117 million yuan in 2024, 148 million yuan in 2025, and 210 million yuan in 2026, with year-on-year growth rates of 97.09%, 26.34%, and 41.83% respectively [3][5] - The company's gross margin is expected to increase from 37.94% in 2023 to 40.00% in 2026 [5] - The PE ratio is projected to decrease from 103 in 2023 to 29 in 2026, while the PB ratio is expected to remain stable at around 2.3-2.5 [3][5] Product and Market Development - The company has become a preferred brand for domestic power chips in major home appliance manufacturers such as Midea, Haier, Hisense, Gree, and TCL [2] - In the standard power supply sector, the company is a leading domestic power chip provider for network communication, DVB, and mobile phone fast charging manufacturers [2] - The company is also a leading domestic power chip provider in the industrial control sector, including smart grids and communication base stations [2] - The company has launched a series of digital power chips, high-voltage intelligent drive chips, isolated drive chips, intelligent DrMOS, IGBT, SuperJunction MOSFET, SiC MOSFET devices, and industrial-grade power modules, targeting high-power industrial scenarios such as data centers, servers, base stations, photovoltaic inverters, and energy storage [2]