南芯科技：持续加大研发投入

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - In the first three quarters of 2024, the company achieved revenue of 1.899 billion yuan, a year-on-year increase of 57.49%, and a net profit attributable to shareholders of 272 million yuan, a year-on-year increase of 50.82% [4][5]. - The third quarter of 2024 saw revenue of 649 million yuan, a year-on-year increase of 19.00% and a quarter-on-quarter increase of 0.12%. However, the net profit attributable to shareholders was 67 million yuan, a year-on-year decrease of 16.27% and a quarter-on-quarter decrease of 36.30% [4][5]. - The company is focusing on enhancing its research and development capabilities, with R&D expenses amounting to 299 million yuan in the first three quarters of 2024, a year-on-year increase of 48.94%, representing 15.76% of revenue [5][6]. - The company is positioned as a leader in the charge pump industry, expanding its product offerings and targeting various sectors including consumer electronics and automotive [6]. Financial Performance Summary - For 2024, the company expects net profits attributable to shareholders to be 331 million yuan, 517 million yuan, and 672 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.78 yuan, 1.22 yuan, and 1.58 yuan [6][10]. - The gross margin for the first three quarters of 2024 was 40.86%, slightly down by 1.34 percentage points year-on-year, while the gross margin for Q3 2024 was 40.02%, down by 3.12 percentage points year-on-year [4][5].