Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company, Chenyi Intelligent (301578.SZ), has shown stable overall operations with cost reduction measures enhancing revenue quality. In Q3 2024, the company achieved revenue of 216 million yuan, a year-on-year increase of 23.80%, while net profit attributable to shareholders was 9.14 million yuan, a decline of 60.49% [1][4]. - The company is recognized as a rising player in the ODM smart remote control product sector, focusing on independent innovation and the development of UWB technology, which is expected to provide new growth points [4]. Summary by Sections Company Overview - Established in 2009, the company specializes in the design, R&D, production, and sales of smart remote controls and products, providing comprehensive solutions for domestic and international clients. It has become one of the most competitive manufacturers in the smart remote control industry, with strong capabilities in software and hardware integration and product design innovation [1][4]. Financial Performance - In Q3 2024, the gross margin was 19.00%, and the net margin was 4.24%. The increase in sales expenses was primarily due to travel and hospitality costs related to customer acquisition, while R&D expenses rose due to increased personnel salaries and operational costs [1]. - The company forecasts revenues of 905 million yuan, 1.471 billion yuan, and 1.978 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.17 yuan, 2.77 yuan, and 3.95 yuan. The current stock price corresponds to PE ratios of 53, 23, and 16 times for the respective years [4][6]. Technology and Innovation - The company has developed a groundbreaking absolute pointing interaction technology based on UWB, achieving millimeter-level three-dimensional spatial positioning accuracy. This allows users to precisely control target devices without the need for sequential icon selection, significantly enhancing user experience [1][4].
辰奕智能：公司动态研究报告：智能遥控产品ODM新锐，UWB指向技术实现突破