Nexchip Semiconductor Corporation(SH:688249) Huajin Securities·2024-11-06 14:23Investment Rating - The investment rating for the company is upgraded to "Accumulate-A" [1][3]. Core Views - The company has shown steady growth in revenue and gross profit, with a year-on-year revenue increase of 16.12% and a gross profit margin improvement of 7.59 percentage points [1]. - The company is expected to ramp up production of 28nm OLED driver chips in the first half of 2025, with capacity reaching 70,000 to 80,000 units per month by 2025 [1]. - The company plans to expand its production capacity by 30,000 to 50,000 units per month in 2024, focusing on 40/55nm processes primarily for CIS [1]. Financial Performance - In Q3 2024, the company achieved revenue of 2.377 billion yuan, with a net profit attributable to shareholders of 92 million yuan, reflecting a year-on-year growth of 21.60% [1]. - The gross profit margin for Q3 2024 was 26.79%, up from the previous year [1]. - The company forecasts revenues of 9.351 billion yuan, 12.157 billion yuan, and 14.831 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 29.1%, 30.0%, and 22.0% [3][4]. Production and Market Position - The company has maintained full capacity utilization since March 2024, benefiting from the recovery in industry demand [1]. - The company is actively collaborating with leading chip design firms in the OLED driver chip foundry sector, with products currently in the tape-out phase [1]. - The company has successfully produced its first 180 million pixel full-frame CIS, marking a significant advancement in large-format sensor technology [1].