NSIG(SH:688126)2024-11-05 11:35Investment Rating - The report maintains an "Outperform" rating for the company [5][9]. Core Insights - The third quarter of 2024 saw a revenue of 9.09 billion yuan, a year-over-year increase of 11.4%, but the gross margin was negative at -5.22%, with a net loss attributable to shareholders of 1.48 billion yuan, a significant decline of 687.94% year-over-year [6]. - The company is expanding its 12-inch wafer production capacity to 500,000 pieces per month by the first half of 2024, with a total shipment of 2.94 million pieces in 2023, reflecting a year-over-year decrease of 3% [7]. - The report indicates a downward revision of revenue forecasts for 2024-2026, with expected revenues adjusted from 40/50/70 billion yuan to 35/43/62 billion yuan, and net profit forecasts reduced from 1.4/2.7/4.3 billion yuan to 0.3/2.0/2.3 billion yuan [9]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 2.479 billion yuan, a year-over-year increase of 3.7%, but a net loss of 536 million yuan, a decline of 352.4% year-over-year [10]. - The projected total revenue for 2024 is 3.534 billion yuan, with a gross margin of 11.8% and a net profit of 29 million yuan [12]. - The company’s earnings per share for 2024 is expected to be 0.01 yuan, with a significant increase in projected earnings in subsequent years [10][12].