StarPower(603290) 民生证券·2024-10-31 02:43Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company experienced a decline in revenue and net profit in the first three quarters of 2024, with total revenue of 2.415 billion yuan, down 7.80% year-on-year, and a net profit of 423 million yuan, down 35.69% year-on-year [1]. - Despite the current challenges, the company is expected to see a steady recovery in performance as industry conditions improve [1]. - The company's new energy vehicle (NEV) business is projected to continue growing, driven by downstream demand [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.415 billion yuan, a year-on-year decrease of 7.80%, and a net profit attributable to shareholders of 423 million yuan, a year-on-year decrease of 35.69% [1]. - In Q3 2024, the company achieved revenue of 881 million yuan, a quarter-on-quarter increase of 21.01%, but a year-on-year decrease of 5.30% [1]. - The net profit for Q3 2024 was 149 million yuan, reflecting a quarter-on-quarter increase of 33.03% but a year-on-year decline of 34.91% [1]. - The company anticipates net profits of 616 million yuan, 886 million yuan, and 1.147 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 37, 26, and 20 times [2][4]. Product and Market Developments - The company is accelerating the deployment of multiple products, particularly in the NEV sector, with significant growth in the sales of its 750V and 1200V automotive-grade IGBT modules [1]. - The company has successfully launched its self-developed automotive-grade SiC MOSFET chips, which are expected to see rapid volume growth in the coming years [1]. - The company is also solidifying its advantages in the power generation and energy storage sectors, with new applications for its IGBT modules in photovoltaic inverters [1].