Ingenic(300223) Tai Ping Yang·2024-10-31 10:30Investment Rating - The report maintains a "Buy" rating for Beijing Junzheng (300223) [1] Core Views - The demand for consumer products has increased in Q3, while the industry awaits demand recovery [1] - The company's Q3 revenue was 1.094 billion yuan, a year-on-year decrease of 8.70%, and the net profit attributable to shareholders was 107 million yuan, down 26.89% year-on-year [1] - The company is expanding its product lines, with new DRAM products expected to launch in the second half of the year and ongoing development of various chip products for different applications [1] Financial Summary - For the first three quarters, the company's revenue was 3.201 billion yuan, a decrease of 6.39% year-on-year, and the net profit attributable to shareholders was 304 million yuan, down 17.37% year-on-year [1] - Revenue from storage, computing, and simulation chips for the first three quarters was 1.987 billion, 813 million, and 347 million yuan, with year-on-year changes of -10.52%, -0.30%, and 16.49% respectively [1] - The company forecasts total revenue for 2024-2026 to be 4.350 billion, 5.102 billion, and 6.019 billion yuan, with year-on-year growth rates of -4.0%, 17.3%, and 18.0% respectively [2]