LianChuang Electron(002036) 国泰君安·2024-11-07 03:23Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company achieved a turnaround in profit for the third quarter, with continuous optimization of its product structure, particularly in the automotive optical sector, which is experiencing high growth [2][3]. - The company reported a revenue of 7.743 billion yuan for the first three quarters of 2024, a year-on-year increase of 9.22%, while the net profit attributable to shareholders was a loss of 46 million yuan, significantly reducing losses compared to the previous year [3]. - In Q3 2024, the company generated a revenue of 2.808 billion yuan, a year-on-year decrease of 2.84%, but achieved a net profit of 19 million yuan, marking a return to profitability [3]. - The optical business revenue reached 3.303 billion yuan, a year-on-year increase of 55.97%, accounting for 42.66% of total revenue, an increase of 12.78 percentage points year-on-year [3]. - The automotive optical revenue was 1.610 billion yuan, a year-on-year increase of 132.79% [3]. - The gross margin improved to 11.03%, up 3.36 percentage points year-on-year and 0.83 percentage points quarter-on-quarter, attributed to the rising demand in consumer electronics and the high growth in automotive optics [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 7.743 billion yuan, with a year-on-year growth of 9.22% [3]. - The net profit attributable to shareholders was a loss of 46 million yuan, showing a significant reduction in losses compared to the previous year [3]. - In Q3 2024, the company reported a revenue of 2.808 billion yuan, down 2.84% year-on-year, but returned to profitability with a net profit of 19 million yuan [3]. Product Development - The company is continuously optimizing its product structure, with a significant increase in the share of optical products [3]. - In the mobile optical sector, the company has improved its customer and product structure [3]. - In the automotive optical sector, the company is deepening cooperation with clients like NVIDIA and expanding its market share among well-known automotive electronics manufacturers [3]. Future Outlook - The report projects a downward adjustment of the company's EPS forecast for 2024-2025 to 0.02 yuan and 0.25 yuan respectively, with a new EPS forecast for 2026 set at 0.34 yuan [3]. - The target price for the company is set at 12.5 yuan, based on a 50x PE for 2025, reflecting the company's high growth potential in the automotive optical sector [3].