Chipown(SH:688508) China Post Securities·2024-11-07 04:15Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company achieved a record high revenue in Q3 2024, with total revenue of 707 million yuan, representing a year-on-year increase of 21.95%. The net profit attributable to shareholders was 77 million yuan, up 28.68% year-on-year [5]. - The company is experiencing strong growth in the solar storage and charging market, with significant new design wins in various segments, contributing to overall revenue growth [5]. - The company is expanding into the server market, launching new products such as low-side driver chips and high-voltage power supply chips, with plans to continue innovating across its power chip product lines [5]. - The forecasted net profit for the company is expected to be 100 million yuan in 2024, 150 million yuan in 2025, and 220 million yuan in 2026, maintaining the "Buy" rating [5]. Financial Forecasts and Key Financial Metrics - For 2023, the projected revenue is 780 million yuan, with a growth rate of 8.45%. The net profit attributable to shareholders is expected to be 59.48 million yuan, reflecting a decrease of 33.80% [7]. - The EBITDA for 2024 is projected at 105.40 million yuan, with a significant increase in net profit to 102.57 million yuan, representing a growth rate of 72.45% [7]. - The earnings per share (EPS) is expected to rise from 0.45 yuan in 2023 to 0.78 yuan in 2024, with a price-to-earnings (P/E) ratio decreasing from 101.95 to 59.12 over the same period [7][10].