C*Core Technology(SH:688262) China Post Securities·2024-11-04 08:47Investment Rating - The report maintains a "Buy" rating for Guoxin Technology (688262) [2] Core Views - The company achieved a record quarterly revenue of 208 million yuan in Q3 2024, representing a year-on-year growth of 34.61% [3][4] - The company is actively expanding its automotive MCU product line and has established a comprehensive product matrix in automotive electronics, focusing on high-end products and integrating resources to strengthen its automotive chip business [4] - The company has launched new quantum security module products, which have broad application prospects in various fields such as power, finance, transportation, education, and healthcare, and has begun external sales of these products [4] Financial Summary - The company is projected to achieve revenues of 660 million yuan, 1 billion yuan, and 1.45 billion yuan for the years 2024, 2025, and 2026, respectively, with expected net profits of -160.19 million yuan, -470,000 yuan, and 40.13 million yuan [5][8] - The revenue growth rates are forecasted at 46.87%, 51.68%, and 44.89% for the years 2024, 2025, and 2026, respectively [8][10] - The company reported a negative net profit margin in 2023, with a projected improvement leading to a positive net profit margin by 2026 [10]