ASR(688220) 长江证券·2024-11-04 07:23Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 2.54 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 37.72%. The net loss attributable to the parent company was 412 million yuan, showing a slight reduction in losses compared to the previous year. The non-recurring net profit attributable to the parent company was -476 million yuan, a decrease in losses by 59 million yuan year-on-year [2][3]. - The revenue for Q3 2024 was 884 million yuan, reflecting a year-on-year increase of 12.34% and a quarter-on-quarter increase of 7.20%. However, the gross margin for Q3 2024 was 21.94%, down by 2.78 percentage points year-on-year and 2.81 percentage points quarter-on-quarter, which exerted pressure on the company's performance [3][4]. - The company has been increasing its R&D investment, with R&D expenses in Q3 2024 amounting to 310 million yuan, up 19.86% year-on-year and 11.16% quarter-on-quarter. The company is making progress in various new product developments, including the launch of its first 5G RedCap chip in the IoT sector and a smartphone chip [4][5]. - The company is experiencing rapid growth in the automotive and non-cellular IoT sectors, with significant increases in product shipments. The expected revenue for the company from 2024 to 2026 is projected to reach 3.46 billion, 4.41 billion, and 6.02 billion yuan, respectively, with corresponding price-to-sales ratios of 5X, 4X, and 3X [5][10].