Sunlord(SZ:002138) Tianfeng Securities·2024-10-29 02:30Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Views - The company achieved a record high quarterly revenue of 1,503.90 million yuan in Q3 2024, with a quarter-on-quarter increase of 4.99% and a year-on-year increase of 11.86% [1][2] - The net profit attributable to the parent company reached 256.07 million yuan, reflecting a quarter-on-quarter growth of 29.43% and a year-on-year growth of 15.57% [1][2] - The company continues to expand its market share in new products and markets, particularly in the communications and consumer electronics sectors, which are showing stable growth [2] Financial Performance Summary - Q3 2024 sales revenue: 1,503.90 million yuan, with a year-on-year growth of 11.86% and a quarter-on-quarter growth of 4.99% [1][2] - Q3 2024 net profit: 256.07 million yuan, with a year-on-year growth of 15.57% [1][2] - Q3 2024 gross margin: 37.93%, up 1.66 percentage points year-on-year [2] - Q3 2024 operating cash flow: 458 million yuan, a significant year-on-year increase of 56% [2] Product and Market Development - The company is focusing on high-end new products, particularly in the LTCC device sector and power inductor series [2] - In the automotive sector, revenue from automotive electronics or energy storage products reached 310 million yuan in Q3 2024, with a year-on-year growth of 91% [2] - The company has established a strong presence in the data center and AI markets, enhancing its position in power management [2] Financial Forecast - The report forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 829.35 million yuan, 1,052.06 million yuan, and 1,284.70 million yuan respectively [3][6] - Projected revenue growth rates for the next few years are expected to be around 20% annually [3][8]