Raytron(688002) 兴业证券·2024-11-26 04:54Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 45.86 RMB as of November 22, 2024 [2][22] Core Views - The company is a global leader in specialized integrated circuits, sensing chips, and AI intelligent products, with applications in night vision, AI, satellite communication, autonomous driving, and more [4][7] - Revenue and net profit showed steady growth in the first three quarters of 2024, with revenue reaching 3.15 billion RMB (up 18.31% YoY) and net profit reaching 483 million RMB (up 24.94% YoY) [4][8] - R&D investment has grown steadily, with R&D expenses increasing from 111 million RMB in 2019 to 683 million RMB in 2023, at a CAGR of 57.49% [4][16] - Profitability continues to improve, with gross margin reaching 51.13% in the first three quarters of 2024, up 0.76 pct YoY [4][11] Financial Performance - Revenue for 2024E is projected at 4.32 billion RMB, with a YoY growth of 21.4%, and net profit is expected to reach 689 million RMB, up 38.9% YoY [3][22] - Gross margin is expected to remain stable at around 49% from 2024E to 2026E [3][22] - ROE is forecasted to increase from 12.9% in 2024E to 16.3% in 2026E [3][22] Quarterly Performance - Q3 2024 revenue reached 1.128 billion RMB, up 28.46% YoY and 11.16% QoQ, while net profit surged 100.35% YoY to 259 million RMB [8][11] - Gross margin in Q3 2024 was 54.11%, up 2.58 pct YoY and 1.86 pct QoQ [11] - Net profit margin in Q3 2024 was 22.96%, up 8.24 pct YoY and 13.53 pct QoQ [11] R&D and Innovation - R&D expenses in the first three quarters of 2024 were 575 million RMB, accounting for 18.26% of revenue, up 0.91 pct YoY [14] - The company continues to focus on technological innovation, particularly in infrared, microwave, and laser sensing fields [4][16] Corporate Governance - The company's chairman, Ma Hong, resumed his duties on September 19, 2024, after the lifting of detention measures by the National Supervisory Commission [4][20] Valuation - The company's PE ratio is projected to decrease from 29.9x in 2024E to 17.4x in 2026E, reflecting strong earnings growth [3][22] - EPS is expected to grow from 1.54 RMB in 2024E to 2.63 RMB in 2026E [3][22]