Investment Rating - The investment rating for Longqi Technology (603341) is "Buy" and is maintained [2] Core Views - The company achieved a total operating revenue of 34.92 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 101.28%. However, the net profit attributable to shareholders decreased by 15.03% to 431 million yuan, primarily due to a decline in gross margin and significant investments in new business areas such as AIPC, automotive electronics, and XR [4] - The gross margin for the company was 6.09%, down 5.6% year-on-year, but measures are being implemented to mitigate the impact of rising raw material costs and improve efficiency, with expectations for gradual improvement in Q4 [4] - The smartphone segment saw a revenue of 9.84 billion yuan in Q3, a year-on-year growth of 96.57%, indicating a steady increase in market share. The automotive electronics sector has secured multiple project designations from major manufacturers [4] - The company forecasts net profits attributable to shareholders for 2024-2026 to be 590 million, 1 billion, and 1.18 billion yuan respectively, maintaining a "Buy" rating [4] Financial Summary - For 2023A, the operating revenue was 27.185 billion yuan, with a projected increase to 47.559 billion yuan in 2024E, reflecting a growth rate of 74.94% [5] - The net profit attributable to shareholders is expected to decrease slightly to 591.38 million yuan in 2024E, with a subsequent increase to 998.18 million yuan in 2025E [5] - The earnings per share (EPS) is projected to be 1.27 yuan in 2024E, increasing to 2.15 yuan in 2025E [5] - The company’s asset-liability ratio is currently at 80.7%, with expectations for a decrease to 71.7% by 2024E [7]
龙旗科技：汽车电子获多家项目定点