美格智能：5G加速上车，端侧AI驱动算力模组持续高增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing strong growth in AI-driven computing modules, particularly in the context of 5G acceleration and the automotive sector [1][2] - The company reported total revenue of 2.182 billion yuan for the first three quarters of 2024, a year-on-year increase of 39.90%, with a net profit attributable to shareholders of 91 million yuan, up 33.05% [1] - The third quarter alone saw revenue of 876 million yuan, a significant year-on-year growth of 63.29%, and a net profit of 58 million yuan, which is a remarkable increase of 189.22% [1] - The company is well-positioned in the automotive, FWA, and IoT sectors, benefiting from strong overseas demand and a recovering domestic market [2] Summary by Sections Financial Performance - The company achieved total revenue of 2.182 billion yuan in the first three quarters of 2024, with a year-on-year growth of 39.90% [1] - The net profit attributable to shareholders for the same period was 91 million yuan, reflecting a year-on-year increase of 33.05% [1] - The third quarter's revenue reached 876 million yuan, marking a year-on-year growth of 63.29%, while the net profit was 58 million yuan, up 189.22% [1] Revenue Breakdown - The company generated overseas revenue of 695 million yuan, a year-on-year increase of 50.43%, while domestic revenue was 1.487 billion yuan, up 35.43% [1] - The automotive sector continues to show robust growth, with strong demand for customized and intelligent products in the IoT industry [1] Profitability Metrics - The overall gross margin for the first three quarters was 16.25%, with a gross margin of 15.75% in Q3, which saw a quarter-on-quarter decline of 1.55 percentage points due to changes in product mix [1] - The company is expected to see a recovery in profitability as it continues to expand its product offerings and market reach [2] Future Projections - The company has adjusted its net profit forecasts for 2024 and 2025 to 100 million yuan and 157 million yuan, respectively, with a new projection for 2026 at 206 million yuan [2] - Corresponding EPS for these years are projected to be 0.38, 0.60, and 0.79 yuan, with current P/E ratios of 67.70X, 43.11X, and 32.92X [2]