Ingenic(300223) ZHONGTAI SECURITIES·2024-10-29 06:42Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4]. Core Views - The company is experiencing a decline in revenue and net profit, with a year-on-year revenue decrease of 6.4% and a net profit decrease of 17.4% for the first three quarters of 2024 [1][3]. - The semiconductor industry is still facing low market demand, impacting the company's performance in Q3 2024 [3][4]. - The company is focusing on product and process iterations while waiting for a recovery in industry demand [3][4]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 3.2 billion yuan and a net profit of 300 million yuan, with a gross margin of 37.4% [1]. - The revenue for Q3 2024 was 1.09 billion yuan, down 8.7% year-on-year, and the net profit was 110 million yuan, down 26.9% year-on-year [1]. - The company’s projected net profits for 2024-2026 are adjusted to 420 million, 550 million, and 720 million yuan respectively, with corresponding P/E ratios of 84, 63, and 49 [4]. Market and Product Development - The company is actively developing new DRAM and Flash memory products, with the first 21nm DRAM product expected to be launched in the second half of 2024 [4]. - The company is expanding its market presence in various sectors, including video, smart home appliances, and printers, while enhancing overseas product promotion [4].