OLYMPIC(603920) 国盛证券·2024-10-29 13:54Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's Q3 2024 performance met expectations, with a revenue of 3.675 billion yuan, a year-on-year growth of 9.75%, and a net profit of 483 million yuan, reflecting a year-on-year increase of 28.97% [1][3]. - The company has established strong relationships with major automotive clients and is expanding into AI server markets, indicating a robust growth trajectory [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.675 billion yuan, with a net profit of 483 million yuan, and a non-recurring net profit of 468 million yuan [1]. - The Q3 2024 revenue was 1.280 billion yuan, with a net profit of 180 million yuan, showing a year-on-year growth of 0.95% [1]. - The company’s expense ratio for the first three quarters of 2024 was 8.98%, with a gross margin of 23.55% and a net margin of 12.54%, indicating improved profitability [2]. Earnings Forecast and Investment Recommendations - The company’s revenue projections for 2024-2026 are 5.065 billion yuan, 6.495 billion yuan, and 7.545 billion yuan, with respective year-on-year growth rates of 12.1%, 28.2%, and 16.2% [3][4]. - The forecasted net profits for the same period are 676 million yuan, 852 million yuan, and 1.084 billion yuan, with growth rates of 36.4%, 26.1%, and 27.2% respectively [3][4]. - The current stock price corresponds to a 2025 P/E ratio of 20.2x, supporting the "Buy" rating [3].