Sunlord(002138) 国信证券·2024-11-08 17:49Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company achieved record high revenue and profit in Q3 2024, with total revenue of 4.195 billion yuan (YoY +14.13%) and net profit of 624 million yuan (YoY +30.71%) for the first three quarters of 2024 [1]. - In Q3 2024, the company reported revenue of 1.504 billion yuan (YoY +11.86%, QoQ +4.99%) and net profit of 256 million yuan (YoY +15.57%, QoQ +29.43%) [1]. - The company is experiencing growth in mobile-related products due to a recovery in global smartphone demand, with a 4% YoY increase in global smartphone shipments in Q3 2024 [1]. - The company has diversified its business into emerging sectors such as automotive electronics and data centers, with automotive-related revenue growing by 90.47% YoY [1]. - The investment recommendation has been adjusted upwards, with projected net profits for 2024-2026 at 887 million, 1.133 billion, and 1.457 billion yuan respectively, reflecting growth rates of 38.4%, 27.8%, and 28.6% [1]. Financial Summary - For 2024, the company is expected to achieve revenue of 5.962 billion yuan, with a net profit of 887 million yuan, translating to a PE ratio of 24.8 [2][7]. - The company's gross margin is projected to improve to 36% in 2024, with EBIT margin increasing to 20.8% [7]. - The return on equity (ROE) is expected to reach 13.7% in 2024, increasing to 18.1% by 2026 [2][7].