Kiwi Instruments(688045) 华创证券·2024-11-05 03:40Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][16]. Core Views - The company has shown revenue growth both year-on-year and quarter-on-quarter, with a 12.74% increase in revenue for the first three quarters of 2024, reaching 476 million yuan. The gross margin improved to 25.03%, up 1.26 percentage points year-on-year. However, the net profit attributable to the parent company was a loss of 20 million yuan, a decrease of 42.15% year-on-year [1][2]. - In Q3 2024, the company achieved revenue of 173 million yuan, reflecting a year-on-year increase of 42.73% and a quarter-on-quarter increase of 2.65%. The gross margin for this quarter was 25.05%, showing improvements in both year-on-year and quarter-on-quarter comparisons [1][2]. - The demand recovery in downstream markets, combined with the launch of new products, is expected to drive continued performance recovery for the company. The semiconductor industry is entering a recovery phase, benefiting local PMIC manufacturers [2][3]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 476 million yuan, with a year-on-year growth of 12.74%. The gross margin was 25.03%, and the net profit attributable to the parent company was a loss of 20 million yuan [1][3]. - The revenue forecast for 2024-2026 has been adjusted, with net profit predictions changing from 9 million yuan in 2025 to 43 million yuan in 2026, reflecting a significant recovery trajectory [2][3]. - The company maintains a high level of R&D investment, accounting for 27.03% of revenue in the first three quarters of 2024, which is expected to open up long-term growth opportunities [2][3].