纳芯微：三季度收入创新高，利润承压

Investment Rating - The investment rating for the company is "Outperform the Market" [4][13]. Core Views - The company achieved a record high revenue in Q3 2024, with a year-on-year growth of 36.49%, totaling 1.366 billion yuan. However, the net profit attributable to shareholders was -408 million yuan, indicating an expanded loss compared to the same period last year [2]. - The revenue growth was primarily driven by robust demand in the automotive electronics sector, alongside improvements in the consumer electronics market and recovery in the industrial automation and digital power sectors [2]. - The gross margin has been under pressure, decreasing by 7.86 percentage points year-on-year to 33.21% for the first three quarters of 2024, attributed to pricing pressures from macroeconomic factors and increased market competition [2]. - The acquisition of Maiguan has transitioned from a controlling stake to a full acquisition, with the company now holding 100% of Maiguan, valued at 1 billion yuan. This move is expected to stabilize Maiguan's management team and core employees, ensuring long-term development [2]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 1.366 billion yuan, a year-on-year increase of 36.49%. The net profit attributable to shareholders was -408 million yuan, with a non-recurring net profit of -441 million yuan [2]. - In Q3 2024, the company achieved a revenue of 517 million yuan, marking an 86.59% year-on-year increase and a 6.32% quarter-on-quarter increase. The net profit attributable to shareholders for this quarter was -142 million yuan [2]. - The gross margin for Q3 2024 was 32.06%, down 4.4 percentage points year-on-year and 3.3 percentage points quarter-on-quarter [2]. - The company has adjusted its net profit forecasts for 2024-2026 to -220 million yuan, 60 million yuan, and 179 million yuan respectively [2]. Key Financial Metrics - Revenue (million yuan): 2022: 1,670, 2023: 1,311, 2024E: 1,930, 2025E: 2,681, 2026E: 3,283 [3]. - Net profit (million yuan): 2022: 251, 2023: -305, 2024E: -220, 2025E: 60, 2026E: 179 [3]. - Earnings per share (yuan): 2022: 2.48, 2023: -2.14, 2024E: -1.54, 2025E: 0.42, 2026E: 1.26 [3].