AWINIC(688798) Guoxin Securities·2024-10-31 14:45Investment Rating - The investment rating for the company is "Outperform the Market" [3][18]. Core Views - The company reported a revenue growth of 33% year-on-year for the first three quarters of 2024, with a return to profitability, achieving a net profit of 178 million yuan, a significant increase of 265% year-on-year [1][5]. - The gross margin has improved for four consecutive quarters, reaching 29.69% for the first three quarters of 2024, up 4.6 percentage points from the previous year [1][5]. - The company is focusing on new products and markets, with a stable growth in consumer electronics, industrial interconnection, and automotive sectors, leading to an increase in market share [1][5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.366 billion yuan, with a net profit of 178 million yuan and a net profit margin of 7.52% [1][5]. - The third quarter of 2024 saw a revenue of 785 million yuan, with a year-on-year growth of 1.35% and a net profit of 86 million yuan, reflecting a year-on-year increase of 325% [1][5]. - The company has reduced R&D expenses by 15.56% to 388 million yuan in the first three quarters of 2024, with a R&D expense ratio of 16.40% [1][7]. Revenue and Profit Forecast - The company forecasts revenues of 3.149 billion yuan for 2024, with a year-on-year growth of 24.4%, and net profits of 241 million yuan, representing a growth of 372.8% [2][8]. - The projected earnings per share (EPS) for 2024 is 1.04 yuan, with a price-to-earnings (P/E) ratio of 64.7 [2][8]. - The company expects to maintain a gross margin of 30.3% in 2024, increasing to 33.15% by 2026 [2][8]. Product Segmentation - High-performance mixed-signal chips accounted for 48% of revenue in the first half of 2024, with a revenue of 756 million yuan, showing a year-on-year growth of 52.9% [5][6]. - Power management chips contributed 33% of revenue, with a revenue of 522 million yuan, reflecting a year-on-year increase of 44.8% [6]. - Signal chain chips saw a significant growth of 118% year-on-year, contributing 19% to the revenue with 302 million yuan [6].