JoulWatt(688141) Tai Ping Yang·2025-01-23 03:00Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [15]. Core Views - The company's profitability is expected to improve significantly in Q4, with revenue growth driven by inventory destocking in downstream markets and expansion into emerging application areas such as servers, new energy, computing, and automotive sectors [4][5]. - The company forecasts annual revenue for 2024 to be between 1.62 billion and 1.72 billion yuan, representing a year-on-year growth of 24.93% to 32.64% [4]. - The anticipated Q4 revenue is projected to be between 428 million and 528 million yuan, showing a year-on-year increase of 46.58% to 80.82% [4]. Financial Summary - The total revenue for 2023 is reported at 1.297 billion yuan, with a projected growth rate of -10.43% [6]. - The company expects to incur a net loss of 5.55 billion yuan in 2024, with a gradual improvement leading to a projected profit of 880 million yuan by 2026 [6]. - The gross margin is expected to recover, with projections of 28.94% in 2024 and 36.25% in 2026 [11]. Revenue and Profit Forecast - Revenue forecasts for 2024, 2025, and 2026 are 1.683 billion, 2.020 billion, and 2.546 billion yuan, respectively, with growth rates of 29.79%, 20.02%, and 26.04% [6]. - The net profit forecasts for the same years are -555 million, -142 million, and 88 million yuan, with growth rates of -4.51%, 74.44%, and 161.65% [6]. Market Expansion - The company is actively expanding in the server, base station, and automotive sectors, creating opportunities in blue ocean markets [5]. - The product matrix includes advanced DrMOS and multi-phase controllers, with significant production ramp-up in the 30A to 90A range [5].