钜泉科技：公司2024年三季报业绩点评：三季度业绩承压，芯片成功搭载南网鸿蒙操作系统

Investment Rating - The report maintains a "Recommend" rating for Juquan Technology (688391 SH) [2] Core Views - Juquan Technology's Q3 2024 performance was under pressure with revenue of 142 million yuan, down 16 44% YoY, and net profit attributable to shareholders of 15 26 million yuan, down 59 76% YoY [2][3] - The company's gross margin in Q3 2024 was 42 52%, down 5 30 percentage points YoY and 2 71 percentage points QoQ, mainly due to lower product prices and changes in product structure [3] - R&D investment in Q3 2024 increased by 11 71% YoY to 49 77 million yuan, accounting for 34 99% of revenue, up 8 82 percentage points YoY [3] - The company's smart IoT management chip (HT6553) and carrier communication chip (HT8830) successfully integrated with the Southern Power Grid's Hongmeng operating system, marking a significant breakthrough in the IoT meter field [4] - The company completed a share repurchase of 5 88 million shares, representing 4 88% of total shares, with a total expenditure of 199 97 million yuan, demonstrating confidence in its long-term value [5] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 449 million yuan, down 5 67% YoY, and net profit attributable to shareholders of 71 49 million yuan, down 39 53% YoY [3] - The company's EPS for 2024-2026 is forecasted to be 1 20, 1 67, and 2 20 yuan respectively [5] - Revenue growth for 2024-2026 is expected to be 15 03%, 28 22%, and 24 21% respectively, with net profit growth of 10 36%, 38 83%, and 31 80% [10] Industry and Market Position - Juquan Technology is a leading domestic supplier of smart grid terminal equipment chips, with its three-phase metering chip ranking first in the domestic market and single-phase SoC chip gradually gaining traction in the export market [6] - The company is well-positioned to benefit from the upcoming IR46 standard and the growing demand for smart meters in overseas markets [5] Valuation and Ratios - The company's PE ratio for 2024-2026 is forecasted to be 28 70, 20 67, and 15 68 respectively, with a PB ratio of 1 95, 1 83, and 1 69 [10] - ROE for 2024-2026 is expected to be 6 78%, 8 84%, and 10 79% respectively [10]