Amlogic(688099) 太平洋·2025-01-22 04:33Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company achieved a record high in Q3 performance, with a revenue of 16.24 billion yuan, representing a year-on-year growth of 7.73%, and a net profit of 2.32 billion yuan, up 79.52% year-on-year [3][4]. - The multi-product line strategy has shown significant advantages, with the T series sales revenue growing over 50% year-on-year, and the W series Wi-Fi 6 chips gaining substantial market share [5]. - The company is focused on enhancing operational efficiency and has implemented various initiatives to improve performance [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 46.40 billion yuan, a 20.28% increase year-on-year, and a net profit of 5.94 billion yuan, up 89.26% year-on-year [3][4]. - The comprehensive gross margin for Q3 was 38.22%, an increase of 2.24 percentage points year-on-year [4]. Revenue and Profit Forecast - The company is projected to achieve revenues of 66.94 billion yuan, 82.57 billion yuan, and 100.99 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 8.23 billion yuan, 11.07 billion yuan, and 13.79 billion yuan [6][8]. Product Development - The company has made breakthroughs in new product development, including a 6nm chip with integrated 4K and AI capabilities, and has secured all shares in the first commercial batch bidding for 8K chips [5].