Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue growth is driven by technological upgrades, with a promising outlook in the sensor industry [1] - The company's Q3 2024 revenue reached 163 million yuan, a 33.57% YoY increase, although net profit declined by 9.15% due to lower-margin domestic products and non-recurring losses [2] - The company continues to invest in R&D, with a 18.86% YoY increase in R&D spending to 36 million yuan in the first three quarters of 2024, enhancing product competitiveness and increasing demand orders [2] - The company is expanding its production capacity, with construction in progress increasing by 32.97% YoY to 12 million yuan, reflecting further investment in mechanization and automation [2] - The company is well-positioned to benefit from the growing smart driving market, which is expected to reach 383.2 billion yuan in 2024, with investment funding projected at 5.16 billion yuan [3] - The company is advancing its pressure-sensitive product technology, with a global market size expected to reach 17.59 billion yuan by 2028, and is collaborating with major 3C companies like ASUS, VIVO, and Xiaomi [3] - The smart sensor market is steadily growing, driven by demand in new energy vehicles, industrial automation, medical, environmental, and consumer sectors, with the Chinese market expected to reach 164.31 billion yuan in 2024 [3] Financial Forecasts - Revenue is projected to grow from 569.7 million yuan in 2024 to 836.68 million yuan in 2026, with a CAGR of 21.12% [1] - Net profit attributable to the parent company is expected to increase from 93.54 million yuan in 2024 to 141 million yuan in 2026, with a CAGR of 24.01% [1] - EPS is forecasted to rise from 0.66 yuan in 2024 to 1.00 yuan in 2026 [1] - The company's P/E ratio is expected to decrease from 39.78 in 2024 to 26.39 in 2026, indicating potential undervaluation [1] Market and Industry Data - The company's closing price is 26.36 yuan, with a P/B ratio of 3.81 and a total market capitalization of 3.72 billion yuan [6] - The smart driving market is projected to grow significantly, with the Chinese market expected to reach 383.2 billion yuan in 2024 [3] - The global pressure-sensitive product market is forecasted to reach 17.59 billion yuan by 2028 [3] - The Chinese smart sensor market is expected to grow to 164.31 billion yuan in 2024 [3] Financial Performance - The company's operating cash flow increased significantly by 125.29% YoY to 58 million yuan in the first three quarters of 2024 [2] - The company's gross margin is expected to remain stable at around 39% from 2024 to 2026 [10] - The company's ROE is projected to increase from 9.16% in 2024 to 11.05% in 2026 [11]
奥迪威：2024年三季报点评：技术升级带动收入增长传感赛道前景广阔