南芯科技：新品成长动能强劲

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company has shown strong growth momentum with a total operating revenue of 1.899 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 57.49%. The net profit attributable to the parent company reached 272 million yuan, up 50.82% year-on-year [4]. - The charge pump business is experiencing stable growth, and new products are driving strong momentum. Mobile device revenue accounts for about 70% of total revenue, with significant growth in charging management products, DCDC, switch charging, and wireless charging chips. The company has made key breakthroughs in BMS and DisplayPower product lines, indicating potential for continued rapid business expansion [4]. - The company is increasing its R&D investment, which reached 299 million yuan in the first three quarters, accounting for 15.76% of operating revenue. This investment is focused on enhancing product definitions and innovations across consumer, automotive, and industrial sectors [4]. Financial Summary - The company is projected to achieve net profits of 340 million yuan, 520 million yuan, and 670 million yuan for the years 2024, 2025, and 2026, respectively [4]. - The operating revenue is expected to grow from 2.505 billion yuan in 2024 to 4.056 billion yuan in 2026, with growth rates of 40.70% and 25.87% for the respective years [5][7]. - The earnings per share (EPS) is forecasted to increase from 0.80 yuan in 2024 to 1.57 yuan in 2026, reflecting a strong growth trajectory [5][7].