裕太微：2.5G Phy持续出货

Investment Rating - The report maintains a "Buy" rating for Yutai Microelectronics (688515) [3][6]. Core Views - The company reported a revenue of 266 million yuan for the first three quarters of 2024, representing a year-on-year growth of 61.44%. However, it recorded a net loss attributable to shareholders of 140 million yuan [3]. - The strong market performance of new products and continuous sales growth are highlighted, with Q3 2024 achieving a revenue of 111 million yuan, marking multiple quarterly records [3]. - The company is focusing on R&D investments, which reached 201 million yuan in the first three quarters, accounting for 75.59% of revenue, indicating a shift towards mid-to-high-end product development [3]. - Future projections estimate net profits for 2024-2026 to be -180 million, -140 million, and 20 million yuan respectively [3]. Financial Summary - Revenue is projected to grow from 274 million yuan in 2023 to 1.047 billion yuan by 2026, with growth rates of -32.13%, 46.91%, 58.73%, and 64.13% respectively [4][5]. - The company expects to achieve a positive net profit of 22 million yuan by 2026, after losses in the preceding years [4][5]. - The earnings per share (EPS) is forecasted to improve from -1.88 yuan in 2023 to 0.27 yuan in 2026 [4][5]. - The asset-liability ratio is projected to increase from 6.1% in 2023 to 26.8% by 2026, indicating a potential rise in financial leverage [5].