Lion(605358) KAIYUAN SECURITIES·2024-10-29 15:39Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a turnaround in Q3 2024, with steady growth in the shipment volumes across its three main business segments [2][4] - The company achieved a revenue of 2.277 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 13.10% [3] - The Q3 2024 revenue was 818 million yuan, up 21.94% year-on-year and 4.86% quarter-on-quarter [3] - The company expects a continued improvement in profitability, forecasting net profits of 204 million yuan, 507 million yuan, and 796 million yuan for 2024, 2025, and 2026 respectively [3] Financial Performance Summary - For Q1-Q3 2024, the company reported a net profit of -54 million yuan, a decrease of 2.40 billion yuan year-on-year [3] - The gross profit margin for Q3 2024 was 15.78%, down 7.80 percentage points year-on-year but up 1.23 percentage points quarter-on-quarter [3] - The company’s silicon wafer sales volume reached 10.966 million pieces in Q3 2024, a year-on-year increase of 53.73% [4] - The sales volume of power device chips was 1.3079 million pieces, reflecting a year-on-year increase of 1.61% [4] Business Segment Performance - The company’s RF chip business has seen successful customer certifications, leading to rapid volume growth [4] - The sales volume of compound RF chips in Q1-Q3 2024 was 27,200 pieces, a year-on-year increase of 199.86% [4] - The company is benefiting from the ongoing recovery in the semiconductor industry, with increased demand from downstream customers [4] Valuation Metrics - The current stock price is 26.78 yuan, with a market capitalization of 17.979 billion yuan [2] - The projected P/E ratios for 2024, 2025, and 2026 are 88.2, 35.4, and 22.6 respectively [3]