CRM(SH:688396)2024-11-06 11:09Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a revenue of 7.47 billion in the first three quarters of 2024, a year-over-year decrease of 0.77%, with a net profit attributable to shareholders of 499 million, down 52.7% year-over-year [5][9]. - In Q3 2024, the company reported a revenue of 2.71 billion, an increase of 8.44% year-over-year and 2.53% quarter-over-quarter, with a net profit of 219 million, down 21.3% year-over-year and 11.4% quarter-over-quarter [5][6]. Summary by Sections Market Data - Closing price as of November 5, 2024: 51.18 yuan - Market capitalization: 67,738 million yuan - Price-to-book ratio: 3.1 - Dividend yield: 0.22 [2]. Financial Data - As of September 30, 2024, the company's net asset per share is 16.69 yuan, with a debt-to-asset ratio of 17.43% [3]. - The total share capital is 1,324 million shares [3]. Revenue and Profit Forecast - The company forecasts total revenue of 10.30 billion for 2024, with a year-over-year growth rate of 4.1%, and a net profit of 810 million, down 45.2% year-over-year [9]. - The projected net profit for 2025 is 1.28 billion, with a year-over-year growth of 57.6% [9]. Research and Development - R&D expenses accounted for over 11% of revenue, with a focus on high-end applications, and the gross margin increased by 2.09 percentage points [6][7]. - R&D investment rose from 710 million in 2021 to 1.15 billion in 2023, with Q3 2024 R&D expenses reaching 315 million [7]. Market Position - The company is increasing its market share in high-end sectors such as automotive, communication, and industrial control, with significant growth in motor drive revenue and stable growth in automotive-grade products [6][7].