Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected outperformance of 5%-15% relative to the benchmark index [1] Core Views - The company has shown robust growth with a 41.21% YoY increase in revenue to 271 million yuan and a 42.39% YoY increase in net profit to 138 million yuan for the first three quarters of 2024 [1] - The company's gross profit margin remains high at 83.97%, with a slight decrease of 1.78 percentage points YoY, while the net profit margin improved by 0.42 percentage points to 50.87% [1] - The company has significantly increased its R&D investment, with a 46.61% YoY growth in R&D spending to 82.51 million yuan in the first three quarters of 2024 [1] Financial Performance - The company's revenue for Q3 2024 reached 134 million yuan, a 40.37% YoY increase, with net profit growing 45.53% YoY to 81.63 million yuan [1] - The company's EPS for the first three quarters of 2024 was 0.35 yuan, a 29.63% YoY increase [1] - The company's ROE for the first three quarters of 2024 was 6.24%, with a total market capitalization of 19.2 billion yuan [1] Future Projections - The company is expected to achieve revenues of 4.45 billion, 6.23 billion, and 8.68 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 40.5%, 39.7%, and 39.4% [1] - Net profit is projected to be 231 million, 321 million, and 438 million yuan for 2024, 2025, and 2026, respectively, with YoY growth rates of 39.9%, 38.8%, and 36.5% [1] - The company's EPS is expected to be 0.58, 0.80, and 1.10 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 83.0X, 59.8X, and 43.8X [1] R&D and Product Development - The company has been continuously increasing its R&D investment to enhance product competitiveness, with a focus on improving the performance of existing products like gyroscopes and accelerometers, as well as expanding the range of R&D products [1] - R&D expenses for Q3 2024 were 28.79 million yuan, a 24.75% YoY increase [1] Market Performance - The company's stock closed at 48.01 yuan on October 28, 2024, with a circulating market value of 11.67 billion yuan and a total market value of 19.2 billion yuan [1] - The company's stock has shown strong performance, with a year-to-date high of 49.93 yuan and a low of 21.61 yuan [1]
芯动联科：公司持续加大研发投入夯实产品力，经营情况稳健向好