Beijing Jingwei Hirain Technologies (688326) 东方证券·2024-11-10 10:18Investment Rating - The report maintains a "Buy" rating for the company with a target price of 128.34 CNY, based on an adjusted EPS forecast for 2024-2026 of -2.55, 1.86, and 2.67 CNY respectively [3][5]. Core Insights - The company's performance aligns with expectations, showing a significant reduction in losses for the third quarter, with a revenue of 15.19 billion CNY, a year-on-year increase of 30.8% and a quarter-on-quarter increase of 33.5% [2]. - The gross margin improved quarter-on-quarter, with a third-quarter gross margin of 23.9%, reflecting a 3.0 percentage point increase from the previous quarter [2]. - The customer structure in the automotive electronics sector is continuously optimizing, with new projects entering mass production, indicating a potential performance inflection point starting in 2025 [2]. Financial Performance Summary - For the first three quarters, the company reported a revenue of 35.46 billion CNY, a year-on-year growth of 24.1%, and a net profit attributable to the parent company of 4.10 billion CNY, compared to a loss of 1.40 billion CNY in the same period last year [2]. - The operating cash flow for the first three quarters was -8.75 billion CNY, slightly improved from -9.12 billion CNY in the previous year [2]. - The forecasted revenue for 2024-2026 is expected to grow from 57.19 billion CNY in 2024 to 83.94 billion CNY in 2026, with corresponding net profits projected to turn positive by 2025 [7][9].