3PEAK(SH:688536) Huaan Securities·2024-11-07 09:16Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown a continuous recovery trend in Q3, with significant growth in the signal chain segment and successful acquisition of Chuangxinwei, enhancing its power management capabilities [2][3] - In the first three quarters of 2024, the company achieved revenue of 848 million yuan, a year-on-year increase of 4.31%, while the net profit attributable to the parent company was -99 million yuan, with a gross margin of 49.46%, down 4.11 percentage points year-on-year [2][3] - The company completed the acquisition of Chuangxinwei on October 22, 2024, which is expected to strengthen its competitive advantage in power management and enhance product performance and technical service capabilities [2][3] Financial Performance Summary - In Q3 2024, the company achieved revenue of 342 million yuan, a quarter-on-quarter increase of 11.37% and a year-on-year increase of 69.76%, with a gross margin of 51.60%, up 3.31 percentage points quarter-on-quarter and 1.58 percentage points year-on-year [2][3] - The projected net profits for 2024-2026 are -23 million yuan, 108 million yuan, and 296 million yuan, respectively, with corresponding EPS of -0.17, 0.82, and 2.23 yuan [2][3] - The company’s revenue is expected to grow from 1.094 billion yuan in 2023 to 2.365 billion yuan in 2026, with a year-on-year growth rate of 41.0% in 2026 [3][4]