闻泰科技：三季度实现扭亏，经营拐点已现

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 53.161 billion yuan for the third quarter of 2024, representing a year-on-year increase of 19.70%. However, the net profit attributable to shareholders was 415 million yuan, a decrease of 80.26% year-on-year, with a non-recurring net profit of 71 million yuan, down 96.40% year-on-year. For the single third quarter, the revenue was 19.571 billion yuan, up 28.71% year-on-year, while the net profit attributable to shareholders was 274 million yuan, down 67.69% year-on-year, and the non-recurring net profit was 200 million yuan, down 75.15% year-on-year [4][5]. Financial Performance - Semiconductor Business: The revenue for the semiconductor segment in the third quarter was 3.831 billion yuan, with a quarter-on-quarter increase of 5.86%. The gross margin was 40.5%, up 2.8 percentage points year-on-year and 1.8 percentage points quarter-on-quarter. The net profit for this segment was 666 million yuan, with a quarter-on-quarter increase of 18.92% [5]. - ODM Business: The revenue for the ODM segment in the third quarter was 15.730 billion yuan, a year-on-year increase of 45.58% and a quarter-on-quarter increase of 14.79%. The gross margin was 3.8%, with a quarter-on-quarter increase of 1.8 percentage points. Despite this, the ODM segment still reported a net loss of 357 million yuan, although the loss narrowed quarter-on-quarter [5][6]. - The company is implementing a strategy of both organic growth and external expansion, enhancing its business layout. The synergy between semiconductor, ODM, and optical module segments is performing well. The acquisition of Anshi has positioned the company as a leader in global automotive power devices, with significant market potential driven by the electrification and intelligence of vehicles [6][7]. Earnings Forecast - The company expects earnings per share (EPS) of 0.80 yuan, 1.92 yuan, and 2.60 yuan for the years 2024, 2025, and 2026, respectively, maintaining the "Buy" rating [6][7].