CRM(688396) 开源证券·2024-11-04 14:17Investment Rating - The investment rating for the company is maintained as "Buy" [1][2]. Core Views - The company's revenue improved quarter-on-quarter in Q3 2024, with a year-on-year increase of 8.44% and a quarter-on-quarter increase of 2.53% [2]. - Despite short-term pressures, the long-term growth potential remains strong due to capacity expansion and product development [2][3]. - The company has adjusted its net profit forecasts for 2024-2026 to 729 million, 1.107 billion, and 1.384 billion respectively, reflecting increased market competition [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 7.472 billion, a year-on-year decrease of 0.77%, and a net profit of 499 million, down 52.72% year-on-year [2]. - The gross margin for Q3 2024 was reported at 28.43%, a year-on-year decrease of 3.22 percentage points but an increase of 2.09 percentage points quarter-on-quarter [2]. - The company's total revenue projections for 2024, 2025, and 2026 are 11.109 billion, 12.205 billion, and 13.410 billion respectively, with year-on-year growth rates of 12.2%, 9.9%, and 9.9% [5]. Product and Market Development - The company is expanding its product offerings in the MOSFET and IGBT segments, achieving industry-leading performance in various product categories [3]. - The company is actively entering the automotive electronics market, with products being validated by major automotive manufacturers such as BYD and Geely [3]. - Capacity expansion is underway, with the Chongqing 12-inch production line expected to reach a capacity of 30,000 wafers per month by the end of 2024, which will support future revenue growth [3].