Southchip Semiconductor Technology(Shanghai) (688484) 首创证券·2024-11-17 03:16Investment Rating - The investment rating for the company is "Buy" [2][8] Core Views - The company has accelerated its R&D investment, with both the proportion and growth rate increasing [5] - In Q3 2024, the company reported revenue of 649 million yuan, a year-on-year increase of 19%, while net profit attributable to shareholders decreased by 16.27% [4] - The company is expanding its investment in consumer, automotive, and industrial sectors to achieve sustainable development [6] - The effects of R&D investments are gradually becoming evident, with automotive electronic products entering several well-known automotive Tier 1 and OEM manufacturers [7] - The company maintains its profit forecast, expecting net profits of 386 million, 584 million, and 735 million yuan for 2024, 2025, and 2026 respectively [8] Summary by Sections Financial Performance - In Q3 2024, the company's R&D expenditure reached 117 million yuan, a year-on-year increase of 52.99%, accounting for 17.97% of revenue [5] - For the first three quarters of 2024, total R&D investment was 299 million yuan, up 48.94% year-on-year, representing 15.76% of revenue [5] Market Position and Strategy - The company is leveraging its chip integration design capabilities and system-level solution capabilities to strengthen its competitive advantage in smartphone charging management [6] - The company is focusing on new product lines in the automotive sector, including on-board charging, smart cockpits, body control, and ADAS, to enhance the value per vehicle [6] Profit Forecast - The company forecasts revenues of 1.78 billion, 2.44 billion, 3.20 billion, and 3.99 billion yuan for 2024, 2025, 2026, and 2027 respectively, with growth rates of 36.90%, 31.20%, and 24.73% [9] - The expected net profit growth rates for 2024, 2025, and 2026 are 47.60%, 51.45%, and 25.75% respectively [9]