OmniVision Integrated Circuits Group(SH:603501) Soochow Securities·2024-10-29 19:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a record high revenue in Q3 2024, with total revenue reaching 18.91 billion yuan, a year-on-year increase of 25%. The net profit attributable to shareholders was 2.38 billion yuan, up 545% year-on-year, and the non-recurring net profit was 2.29 billion yuan, a significant increase of 1666% [2] - The company's gross margin improved to 30.44% in Q3 2024, reflecting a 0.2 percentage point increase quarter-on-quarter and an 8.66 percentage point increase year-on-year. The net profit margin also rose to 14.75%, up 2.24 percentage points quarter-on-quarter and 11.34 percentage points year-on-year [2] - The high-end mobile CIS products are driving significant revenue growth, with the company increasing its market share in the high-end smartphone sector, particularly with its 50 million pixel series products [3] - The company is expanding its automotive CIS layout, which is expected to be a fast-growing segment in the CIS industry, with a projected CAGR of 8.8% from 2022 to 2028 [3] - The company is expected to continue achieving high growth in net profit, with forecasts of 3.37 billion yuan, 5.05 billion yuan, and 6.45 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 40, 26, and 21 times [4]