MeiG(SZ:002881) Great Wall Securities·2024-11-05 00:42Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [6][12]. Core Views - The company achieved significant revenue and profit growth in the first three quarters of 2024, with revenue reaching 2.182 billion yuan, a year-on-year increase of 39.90%, and net profit attributable to shareholders of 91.36 million yuan, up 33.05% year-on-year [2][3]. - The third quarter of 2024 marked a record high in revenue, with 876 million yuan, representing a year-on-year growth of 63.29% and a quarter-on-quarter increase of 19.84% [2][3]. - The demand for intelligent modules and customized products across various industries has been strong, contributing to the company's performance [2][3]. Financial Summary - Revenue for 2024 is projected to be 2.813 billion yuan, with a growth rate of 31.0% year-on-year, and net profit is expected to reach 93 million yuan, reflecting a growth rate of 44.4% [1][6]. - The company's overall gross margin for the reporting period was 16.25%, with a slight decrease in the third quarter to 15.75% due to changes in product mix [2][3]. - Research and development expenses for the first three quarters were 148 million yuan, showing improved cost control as total expenses decreased year-on-year [3][6]. Business Expansion - The company is actively expanding its overseas market presence, achieving overseas revenue of 695 million yuan, a 50.43% increase year-on-year, while domestic revenue reached 1.487 billion yuan, up 35.43% [2][3]. - The intelligent connected vehicle sector continues to grow rapidly, with revenue share increasing, and the company has launched new 5G vehicle communication modules in collaboration with major manufacturers [3][6]. Earnings Forecast - The company is expected to achieve net profits of 93 million yuan, 111 million yuan, and 135 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.36 yuan, 0.42 yuan, and 0.52 yuan [6]. - The current price-to-earnings ratio (P/E) is projected to be 73, 61, and 50 for the years 2024, 2025, and 2026, respectively, indicating a positive outlook for future earnings growth [6].