SUNWAY COMM(SZ:300136) EBSCN·2024-11-03 03:13Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 6.394 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 14.31%, while the net profit attributable to shareholders was 533 million yuan, up 3.08% year-on-year [1]. - The global smartphone market saw a shipment volume of 316 million units in Q3 2024, marking a 4.0% year-on-year growth, indicating a gradual recovery in the consumer electronics sector [2]. - The company is actively expanding its second growth curve business, enhancing product capabilities and business scale, and deepening cooperation with major clients in North America [2]. Financial Performance Summary - For Q3 2023, the company achieved a revenue of 2.648 billion yuan, a year-on-year increase of 17.78%, with a net profit of 330 million yuan, up 2.06% year-on-year [1]. - The gross profit margin for Q3 2023 was 23.76%, down 4.81 percentage points year-on-year [1]. - The company plans to repurchase 15.1 million shares, accounting for 1.56% of the total share capital, with a total transaction amount of 268 million yuan [3]. Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been adjusted to 681 million yuan and 877 million yuan, respectively, reflecting a downward adjustment of 24.58% and 23.47% [4]. - The forecast for 2026's net profit is set at 1.087 billion yuan, with corresponding PE valuations of 35X, 27X, and 22X for 2024, 2025, and 2026 [4].