Actions(688049)2024-10-31 23:07Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company's gross margin has improved due to optimization of product and customer structure, with a gross margin of 48.2% in Q3 2024, reflecting a QoQ increase of 0.9 percentage points and a YoY increase of 2.7 percentage points [3] - The revenue for the first three quarters of 2024 reached 467 million RMB, a YoY increase of 24%, with a net profit of 71 million RMB, a YoY increase of 51% [3] - The company has seen significant growth in its Bluetooth speaker SoC products, with increased penetration in leading brands and substantial revenue growth from low-latency, high-quality audio products [3] - The edge AI revenue has experienced exponential growth, driven by rising demand for edge AI computing [3] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 693 million RMB, 827 million RMB, and 943 million RMB respectively, with growth rates of 33.2%, 19.4%, and 14.0% [4][5] - The expected EPS for 2024, 2025, and 2026 are 0.66 RMB, 0.82 RMB, and 0.99 RMB respectively, with corresponding P/E ratios of 46.4, 37.3, and 31.1 [4][5] - The gross margin is projected to be 47.2% in 2024, 47.0% in 2025, and 47.0% in 2026 [6]