AWINIC(688798) KAIYUAN SECURITIES·2024-10-30 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant quarter-on-quarter profit recovery in Q3 2024, with all three major business segments contributing positively [2][3] - The company achieved a revenue of 2.366 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 32.71% [2] - The net profit attributable to shareholders reached 178 million yuan in Q3 2024, a year-on-year increase of 125 million yuan and a quarter-on-quarter increase of 55.27% [2] - The company is focusing on continuous technological innovation and expanding its product categories into AIoT and automotive sectors, enhancing its customer base and market depth [2][3] - The company has optimized its R&D, supply chain, and quality management systems, leading to improved management and operational efficiency [3] Financial Summary - For Q3 2024, the company reported a revenue of 785 million yuan, a year-on-year increase of 1.35% and a quarter-on-quarter decrease of 2.62% [2] - The gross profit margin for Q3 2024 was 32.92%, up 10.79 percentage points year-on-year and 4.01 percentage points quarter-on-quarter [2] - The net profit margin for Q3 2024 was 11.01%, reflecting a year-on-year increase of 15.97 percentage points and a quarter-on-quarter increase of 4.11 percentage points [2] - The company’s R&D investment in Q3 2024 was 135 million yuan, a year-on-year increase of 2.68% and a quarter-on-quarter increase of 6.30% [3] - The projected net profits for 2024-2026 are 191 million, 348 million, and 528 million yuan respectively, with corresponding P/E ratios of 85.8, 47.2, and 31.0 [2][4]