唯捷创芯：公司产业矩阵不断完善，未来可期

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company has faced pressure on its performance due to market competition, with a significant decline in revenue and net profit in the third quarter of 2024. Revenue was reported at RMB 420 million, a year-on-year decrease of 41.61%, and a net loss of RMB 43.39 million, down 175.22% year-on-year. For the first three quarters of 2024, total revenue was RMB 1.492 billion, a decrease of 7.37% compared to the previous year, with a net loss of RMB 32.12 million, down 156.60% year-on-year [2][3]. - Despite the current challenges, the company is expanding its product matrix, particularly in 5G products and automotive solutions, which are expected to drive future growth. The company has received certifications for its automotive 5G RF front-end solutions and has launched new satellite communication modules that have gained customer recognition [2][3]. - The company is expected to see a recovery in performance as the consumer electronics market improves, particularly with the upcoming peak season [2]. Financial Summary - The company’s projected revenues for 2024-2026 are RMB 1.74 billion, RMB 2.88 billion, and RMB 4.07 billion, respectively, with corresponding EPS of RMB 0.41, RMB 0.67, and RMB 0.95. The PE ratios are projected to be 83, 50, and 36 times for the same periods [2][3]. - The main financial metrics for the company include: - Revenue growth rate: -34.8% in 2022, 30.3% in 2023, and projected growth of 21.9% in 2024 [3][4]. - Net profit is expected to recover from a loss of RMB 32.12 million in 2023 to a profit of RMB 174 million in 2024, with a growth rate of 55.4% [3][5]. - EBITDA is projected to grow from RMB 155 million in 2023 to RMB 296 million in 2024 [3][4].