China Post Securities·2024-11-13 07:12Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a record high sales revenue of $2.171 billion in Q3 2024, with a quarter-on-quarter growth of 14.2% [3][4] - The gross margin for Q3 2024 was 20.5%, an increase of 6.6 percentage points from the previous quarter [3][4] - The company expects Q4 2024 sales revenue to remain flat or grow by 2%, with a gross margin forecasted between 18% and 20% [4][5] - For the full year 2024, the company anticipates revenue of approximately $8 billion, representing a growth rate of about 27%, outperforming the industry average [6] Summary by Sections Company Overview - The latest closing price is ¥104.98, with a total market capitalization of ¥837.2 billion and a circulating market value of ¥208.7 billion [1] Financial Performance - Q3 2024 sales revenue reached $2.171 billion, with a gross profit of $0.171 billion and an operating profit of $0.170 billion [3][4] - The company’s EBITDA for 2024 is projected to be ¥279.3 billion, with net profit estimates of ¥44 billion for 2024 [7][9] Revenue Breakdown - In Q3 2024, revenue by region was 86% from China, 11% from the US, and 3% from the Eurasian region [4] - The revenue from wafer sales accounted for 94% of total revenue, with consumer electronics being the largest application category [4] Future Projections - The company forecasts operating revenues of ¥563.15 billion, ¥634.92 billion, and ¥721.69 billion for 2024, 2025, and 2026 respectively [9][11] - The projected net profit for 2024 is ¥44 billion, with a PE ratio of 183 times [7][9]