SUNWAY COMM(300136) 华创证券·2024-10-31 06:05Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 29.85 RMB [3] Core Views - The company's revenue for the first three quarters of 2024 reached 6.394 billion RMB, a YoY increase of 14.31%, with a net profit attributable to the parent company of 533 million RMB, a YoY increase of 3.08% [1] - In Q3 2024, the company achieved revenue of 2.648 billion RMB, a YoY increase of 17.78%, and a net profit attributable to the parent company of 331 million RMB, a YoY increase of 2.05% [1] - AI technology is driving innovation in smart terminal devices, and the company is expanding its product portfolio and customer base, particularly in RF signal transmission, high-precision connectors, and structural components [1] - The company is diversifying into satellite communications, servers, automotive, IoT, and passive components, aiming to build a second growth curve [1] Financial Performance - The company's revenue for 2024 is projected to be 8.846 billion RMB, with a net profit attributable to the parent company of 775 million RMB [2] - The revenue growth rate for 2024 is expected to be 17.2%, with a net profit growth rate of 48.7% [2] - The company's gross margin is expected to improve to 23.3% in 2024, up from 22.1% in 2023 [6] Business Expansion - The company has made breakthroughs in commercial satellite communications and high-frequency, high-speed connectors for servers and automotive applications [1] - It has also expanded into UWB (Ultra-Wideband) technology, which is being applied in smart car keys, smart door locks, and medical devices [1] - The company is focusing on the automotive sector, securing supply qualifications from domestic and international OEMs and Tier 1 suppliers [1] Product Development - The company has developed high-end MLCC (Multi-Layer Ceramic Capacitors) products, with performance and reliability comparable to those of Japanese and Korean competitors [1] - It has introduced stainless steel battery cases that enhance battery life in smart devices, addressing the need for higher-density batteries [1] Valuation and Projections - The company's 2025 PE ratio is estimated at 30x, with a target price of 29.85 RMB [3] - The net profit for 2025 is projected to be 963 million RMB, with a growth rate of 24.2% [2] - The EPS for 2025 is expected to be 1.00 RMB, up from 0.80 RMB in 2024 [2]