Hefei Chipmore Technology (688352) 中邮证券·2024-11-10 02:59Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Insights - The company reported a steady revenue growth in Q3 2024, achieving a total revenue of 1.435 billion yuan, a year-on-year increase of 25.11%. However, the net profit attributable to the parent company decreased by 6.76% to 228 million yuan due to rising costs [3][4] - The demand for small-sized products remains stable, with the smartphone segment accounting for approximately 51% of the display business revenue, followed by high-definition TVs at 36% and laptops at 6% [4] - The company is experiencing an increase in AMOLED revenue, which accounted for about 26% of total revenue in the first three quarters of 2024, driven by the growing penetration of AMOLED in mobile and tablet applications [4] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 1.435 billion yuan, with a net profit of 228 million yuan. The revenue for Q3 alone was 501 million yuan, reflecting a quarter-on-quarter increase of 2.24% [3][4] - The company is projected to achieve revenues of 1.961 billion yuan, 2.260 billion yuan, and 2.650 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 323 million yuan, 419 million yuan, and 546 million yuan [6][8] - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 48, 37, and 28 respectively [6][8]