Megmeet(002851) 东吴证券·2024-12-20 05:19Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [1][29]. Core Insights - The company's profitability remains stable, with a significant increase in cash flow and continued high investment in research and development. For the period of Q1-Q3 2024, the gross margin was 25.66%, a year-on-year increase of 0.57 percentage points. The operating cash flow for Q3 2024 reached 220 million, a year-on-year increase of 338% [1][36]. - The company has entered the supply chain of NVIDIA for AI server power supplies, which is expected to drive rapid growth in performance. The projected net profit for 2024-2026 is 650 million, 810 million, and 1.02 billion respectively, with corresponding price-to-earnings ratios of 43x, 35x, and 27x [7][29]. Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 5.9 billion, a year-on-year increase of 21.1%, while the net profit attributable to the parent company was 410 million, a year-on-year decrease of 14.8%. The non-recurring net profit was 360 million, a year-on-year increase of 18.1% [15][19]. - The company’s operating expenses for Q1-Q3 2024 were 1.17 billion, a year-on-year increase of 30.7%, with a corresponding expense ratio of 19.9% [1][36]. - The projected total revenue for 2024 is 8.23 billion, with a year-on-year growth rate of 21.85% [13]. Cash Flow and Profitability - The operating cash flow for Q3 2024 was significantly improved, reaching 220 million, which is a substantial increase compared to previous periods [1][36]. - The company maintains a high research and development expense ratio of 13.2%, reflecting its commitment to innovation and product development [1][36]. Market Position and Future Outlook - The company is recognized as a leading player in the domestic power electronics sector, with diversified business operations across various segments including smart home appliances, power products, and industrial automation [15][19]. - The introduction of new power systems compatible with NVIDIA's MGX platform is expected to enhance the company's market position and drive future revenue growth [14][22].