3PEAK(SH:688536) Minsheng Securities·2025-04-29 06:52Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Viewpoints - The company has reached a turning point in profitability, with significant revenue growth in Q1 2025 driven by various downstream markets and the merger with Chuangxin Micro [2][4]. - The company continues to innovate with new products across three main product lines, enhancing its competitive advantage [3]. - The automotive business is experiencing rapid growth, contributing significantly to overall revenue [4]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 1.22 billion yuan, a year-on-year increase of 11.52%, but reported a net loss of 197 million yuan. In Q1 2025, revenue surged to 422 million yuan, a year-on-year increase of 110.88%, with a net profit of 16 million yuan [1][2]. - The gross margin for Q1 2025 was 46.43%, showing a year-on-year decline of 1.2 percentage points but an improvement of 1.16 percentage points from the previous quarter [2]. Product Development - The company has launched over 2,800 products by the end of 2024, with significant advancements in signal chain chips, power management chips, and mixed-signal chips [3]. - New products include high-reliability long-distance automotive audio bus chips and a 17-channel high-precision analog front end, which are expected to perform well in the market [3]. Market Expansion - The automotive electronics segment generated revenue of 207 million yuan in 2024, accounting for 16.95% of total revenue, with an approximate year-on-year growth of 80% [4]. - The company has developed over 200 automotive-grade chips for various applications, indicating strong market penetration and customer engagement [4]. Profit Forecast - The company is projected to achieve net profits of 144 million yuan, 334 million yuan, and 584 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 135, 58, and 33 [5].