Telink Semiconductor(Shanghai) (SH:688591) Minsheng Securities·2024-10-30 22:31Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in Bluetooth technology and strong growth potential in downstream markets [2][4]. Core Insights - The company achieved significant growth in Q3 2024, with revenue reaching 222 million yuan, a year-on-year increase of 40.91% and a quarter-on-quarter increase of 8.62%. The net profit attributable to shareholders was 37 million yuan, reflecting a year-on-year increase of 315.63% and a quarter-on-quarter increase of 18.79% [2]. - The company is actively expanding its product applications and has diversified its market presence, particularly in IoT and audio products, which have shown notable sales growth [2]. - The company has established a robust core technology system around low-power wireless IoT protocols and is advancing the development of Matter protocol chips, enhancing its competitive edge [2]. - The company has built a strong brand reputation, attracting international clients such as Google, Amazon, Xiaomi, JBL, and Sony, which contributes to its market influence [2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 587 million yuan, a year-on-year increase of 23.34%, and a net profit of 64 million yuan, up 71.01% year-on-year [2]. - The projected financial performance for 2024-2026 includes net profits of 81 million yuan, 123 million yuan, and 177 million yuan, respectively, with corresponding PE ratios of 74, 48, and 33 [2][3]. - The company’s gross margin for Q3 2024 was 50.73%, an increase of 5.74 percentage points year-on-year, indicating effective supply chain management and cost optimization [2].