AWINIC(SH:688798) Huaxin Securities·2024-10-31 10:32Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has experienced rapid revenue growth, with stable improvements in profitability. In Q3 2024, the company achieved a revenue of 785 million yuan, a year-on-year increase of 1.35%, and turned a profit with a net profit attributable to shareholders of 86 million yuan, marking a significant turnaround [2][3] - The company's gross margin for Q3 2024 was 32.92%, reflecting a year-on-year increase of 10.8 percentage points and a quarter-on-quarter increase of 4.02 percentage points, indicating a consistent improvement in profitability over four consecutive quarters [3] - The company has established a strong position in the high-performance mixed-signal chip sector, with successful product launches in audio solutions and automotive applications, contributing to revenue growth [4] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company maintained stable growth in its consumer electronics, industrial internet, and automotive sectors, leading to significant performance improvements. The net profit attributable to shareholders in Q3 2024 increased by 55.27% quarter-on-quarter [3] - The company forecasts revenues of 3.144 billion, 3.849 billion, and 4.634 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.83, 1.51, and 2.29 yuan [6][8] Product Development - The company has successfully launched multiple products in the audio amplifier and camera motor driver sectors, achieving significant market penetration and production scale. Notably, it is the first to achieve mass production of optical image stabilization (OIS) technology [4] - The company is expanding its product offerings in power management and signal chain chips, with significant production increases in DCDC and LDO products across various applications [4] Financial Projections - The report projects a revenue growth rate of 24.2% for 2024, with a substantial increase in net profit expected to reach 192 million yuan, reflecting a growth rate of 276.6% compared to the previous year [8] - The company's gross margin is expected to improve to 35.6% in 2024, with a net profit margin projected to reach 6.1% [8]