Novosense(688052) 华金证券·2024-11-20 14:22Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [2][6][17]. Core Insights - The company achieved a record high revenue of 517 million yuan in Q3 2024, representing a year-on-year increase of 86.59% and a quarter-on-quarter increase of 6.32% [2][6]. - The growth in revenue is attributed to robust demand in the automotive electronics sector, improved conditions in the consumer electronics market, and a recovery in demand from clients in the industrial automation and digital power sectors [2][6]. - The company reported a net loss attributable to shareholders of 142 million yuan in Q3 2024, with a gross margin of 32.06%, down 4.39 percentage points year-on-year [2][6]. - The company has over 2,100 product models available for sale, with the expected unit value of mass-produced products exceeding 800 yuan by the end of 2024 [2][6]. Financial Performance and Forecast - Revenue projections for 2024-2026 are 1.881 billion yuan, 2.589 billion yuan, and 3.137 billion yuan, with growth rates of 43.5%, 37.6%, and 21.2% respectively [6][10]. - The net profit attributable to shareholders is forecasted to be -290 million yuan in 2024, 27 million yuan in 2025, and 127 million yuan in 2026, with growth rates of 4.9%, 109.3%, and 374.4% respectively [6][10]. - The gross margin is expected to improve from 33.2% in 2024 to 39.6% in 2026 [7][10]. Business Segments - Sensors: Revenue from sensor products is projected to be 182 million yuan in 2024, with a growth rate of 10% [10][11]. - Signal Chain: Revenue from signal chain products is expected to reach 970 million yuan in 2024, with a growth rate of 37.5% [11][12]. - Power Management: Revenue from power management products is forecasted to be 717 million yuan in 2024, with a growth rate of 67.5% [12][13]. Competitive Positioning - The company is recognized as one of the early mass producers of digital isolation chips in China, with a comprehensive range of isolation devices and core technologies across five major fields [17][19]. - The report compares the company with peers such as Shengbang Co., Sirepu, and Aiwei Electronics, highlighting its competitive advantages in product diversity and technological capabilities [17][19].