Novosense(688052) 东方证券·2024-12-03 02:49Investment Rating - The report maintains a "Buy" rating for the company with a target price of 136.40 CNY [3][6][10] Core Insights - In Q3 2024, the company's revenue reached 517 million CNY, marking a historical high with a 6% increase quarter-on-quarter and an 87% increase year-on-year. This marks five consecutive quarters of revenue growth. However, the net profit attributable to shareholders was -142 million CNY, and the adjusted net profit was -155 million CNY. For the first three quarters of 2024, the company reported a total revenue of 1.37 billion CNY, a 36% year-on-year increase, with a net profit of -408 million CNY [2][3] - The automotive electronics segment continues to expand rapidly, with Q3 2024 revenue reaching 196 million CNY, a 26% increase quarter-on-quarter, accounting for 38% of total revenue. The company has seen significant market share growth in the electric vehicle power control chips and has begun large-scale shipments of various automotive chips. The company plans to launch several new products in the automotive electronics sector in the coming year, driven by strong demand in the Chinese market [2][3] - The company's overseas expansion is progressing well, with branches in Germany, Japan, and South Korea, and has passed supplier certifications from several tier 1 clients. A strategic partnership with Continental Group has been established to develop automotive-grade pressure sensor chips, enhancing safety and reliability features [2][3] Financial Summary - The company forecasts revenues of 1.91 billion CNY, 2.60 billion CNY, and 3.26 billion CNY for 2024, 2025, and 2026 respectively. The previous forecast for 2024 was 3.46 billion CNY, which has been revised down due to adjustments in revenue and gross margin expectations [3][10] - Key financial metrics include a projected gross margin of 36.7% for 2024, improving to 42.7% by 2026. The net profit margin is expected to recover from -17.2% in 2024 to 3.8% in 2026 [5][10]