CRM(688396) 华创证券·2024-11-04 09:41Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][18]. Core Insights - The company's revenue for the first three quarters of 2024 reached 7.472 billion yuan, a year-on-year decrease of 0.77%. The gross margin was 27.14%, down 6.28 percentage points year-on-year. The net profit attributable to shareholders was 499 million yuan, a decline of 52.72% year-on-year [1]. - In Q3 2024, the company achieved revenue of 2.711 billion yuan, an increase of 8.44% year-on-year and 2.53% quarter-on-quarter. The gross margin improved to 28.43%, although it was down 3.23 percentage points year-on-year but up 2.09 percentage points quarter-on-quarter. The net profit attributable to shareholders was 219 million yuan, down 21.31% year-on-year and 11.40% quarter-on-quarter [1][2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported total revenue of 74.72 billion yuan, with a gross margin of 27.14% and a net profit of 4.99 billion yuan [1]. - The Q3 2024 results showed a revenue of 27.11 billion yuan, with a gross margin of 28.43% and a net profit of 2.19 billion yuan [1][2]. Market Dynamics - The semiconductor industry is experiencing a cyclical recovery, driven by market demand and policies promoting upgrades. The company's "IDM + foundry" model supports stable revenue growth, with a gross margin recovery due to optimized product structure and stable customer base [2]. - The company is increasing R&D investments to enhance product quality and expand into the new energy sector, with 39% of its product and solution business now in this area [2]. Capacity Expansion - The company is advancing key projects, including two 12-inch production lines and a packaging base, which are expected to support long-term growth. The production capacity is fully utilized, and product prices are stabilizing [3]. Future Outlook - The company is adjusting its net profit forecasts for 2024-2026 to 839 million yuan, 1.173 billion yuan, and 1.376 billion yuan, respectively, with corresponding EPS of 0.63 yuan, 0.89 yuan, and 1.04 yuan [3].