MeiG(SZ:002881) Minsheng Securities·2024-10-30 06:42Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Insights - The company achieved a record high revenue of 21.82 billion yuan in Q3 2024, representing a year-on-year growth of 39.90%, with a net profit of 0.91 billion yuan, up 33.05% from the previous year [1]. - In Q3 2024, the company reported a single-quarter revenue of 8.76 billion yuan, a year-on-year increase of 63.29% and a quarter-on-quarter increase of 19.89%. The net profit for the same quarter was 0.58 billion yuan, reflecting a year-on-year growth of 189.22% and a quarter-on-quarter growth of 114.23% [1]. - The overall gross margin for Q3 2024 was 15.75%, down 1.30 percentage points from the same period last year and down 1.55 percentage points from Q2 2024, primarily due to the product mix affecting the gross margin [1]. Revenue and Profit Forecast - The company is expected to benefit from the booming 5G IoT market, with a projected compound annual growth rate of 50.2% from 2023 to 2030, reaching 89.42 billion USD by 2023 [2]. - The company has established a strong competitive position in smart modules and computing modules, with significant advantages in 4G/5G wireless communication and AI applications [2]. - The overseas revenue for H1 2024 reached 4.40 billion yuan, a year-on-year increase of 38.58%, with the overseas revenue proportion rising from 31.06% in the previous year to 33.73% [3]. - Domestic revenue also showed a positive trend, achieving 8.66 billion yuan in H1 2024, up 22.69% year-on-year [3]. - The company is projected to achieve revenues of 28.00 billion yuan, 34.83 billion yuan, and 43.18 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.58 billion yuan, 1.93 billion yuan, and 2.47 billion yuan [3][7].