GigaDevice(603986) Tai Ping Yang·2024-10-31 13:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [28][29]. Core Insights - The company reported a significant year-on-year revenue growth of 28.56% for the first three quarters of 2024, with total revenue reaching 5.65 billion yuan [2][3]. - Net profit attributable to shareholders increased by 91.87% year-on-year, amounting to 832 million yuan, while the net profit excluding non-recurring items surged by 128.31% to 777 million yuan [2][3]. - In Q3 2024, the company achieved a revenue of 2.04 billion yuan, reflecting a year-on-year growth of 16.78% and a quarter-on-quarter increase of 2.97% [2][3]. - The gross margin for Q3 2024 was reported at 41.77%, up 5.41 percentage points year-on-year, driven by increased demand for high-value products and effective cost reduction strategies [2][3]. Financial Performance Summary - The company forecasts total revenues of 7.50 billion, 9.50 billion, and 11.23 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30.25%, 26.64%, and 18.22% [3]. - The net profit attributable to shareholders is projected to be 1.16 billion, 1.76 billion, and 2.08 billion yuan for the same years, with growth rates of 617.25%, 52.65%, and 18.03% [3]. - The report indicates a significant improvement in profitability metrics, with the diluted earnings per share expected to rise to 1.74 yuan in 2024 and 3.13 yuan in 2026 [3].