NCE(605111)2024-11-08 01:16Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a revenue of 1.36 billion in the first three quarters of 2024, representing a year-over-year increase of 22.8%. The net profit attributable to the parent company was 332 million, up 54.6% year-over-year [5]. - In Q3 2024, the company reported a revenue of 482 million, a year-over-year increase of 39.5%, while the net profit attributable to the parent company was 115 million, reflecting a year-over-year growth of 70.3% [5][6]. - The company is actively optimizing its product structure, with significant contributions from industrial automation (42%), photovoltaic energy storage (14%), automotive electronics (13%), AI computing and communication (9%), consumer products (18%), and smart transportation (4%) [6]. - The company has seen a reduction in inventory, with inventory levels at 320 million, down 196 million from the previous year [6]. Financial Summary - For 2024, the company is projected to achieve total revenue of 1.808 billion, with a year-over-year growth rate of 22.4%. The net profit is expected to reach 455 million, reflecting a growth rate of 40.8% [8]. - The gross margin for Q3 2024 was reported at 38.04%, an increase of 7.91 percentage points year-over-year and 1.51 percentage points quarter-over-quarter [6][7]. - The report has revised the profit forecast upwards for 2024-2026, with net profit estimates of 455 million, 581 million, and 683 million respectively [7].