Beijing Jingwei Hirain Technologies (SH:688326) Minsheng Securities·2024-10-30 07:46Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2][4]. Core Insights - The company reported a revenue of 3.546 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 24.05%. However, the net profit attributable to shareholders was a loss of 410 million yuan, which is a wider loss compared to the previous year [2]. - In Q3 2024, the company achieved a revenue of 1.519 billion yuan, marking a year-on-year growth of 30.80% and a quarter-on-quarter increase of 33.52%. The gross profit margin for Q3 2024 was 23.95%, showing a year-on-year decrease of 3.44 percentage points but an increase of 3.04 percentage points from the previous quarter [2]. - The company is actively expanding its product offerings and business boundaries, focusing on the development of distributed automotive electronic products and integrating resources to launch domain fusion products [2]. - The international market expansion strategy is progressing, with the company securing contracts with several OEMs and Tier 1 suppliers, and its Malaysian factory has commenced production [2]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are estimated at 5.721 billion yuan, 7.009 billion yuan, and 8.254 billion yuan, respectively, with corresponding net profits of -349 million yuan, 238 million yuan, and 491 million yuan [3][5]. - The earnings per share (EPS) are forecasted to be -2.91 yuan for 2024, 1.98 yuan for 2025, and 4.09 yuan for 2026, with price-to-earnings (PE) ratios of 42 and 20 for 2025 and 2026, respectively [3][5]. - The company is expected to reach a profitability turning point soon, with new projects anticipated to contribute to revenue growth [2].