3PEAK(SH:688536) Guoxin Securities·2025-04-29 08:18Investment Rating - The investment rating for the company is "Outperform the Market" [6][30]. Core Views - The company reported a revenue growth of 111% year-on-year in Q1, achieving profitability with a net profit of 15.56 million yuan [1][2]. - The automotive revenue is projected to account for approximately 17% of total revenue in 2024, with a significant increase in automotive chip offerings [3][5]. - The company maintains a strong focus on research and development, with R&D expenses increasing by 4.1% year-on-year [1][3]. Financial Performance Summary - For 2024, the company expects total revenue of 1.22 billion yuan, representing an 11.5% increase from the previous year, while the net profit is projected to be -197 million yuan [5][28]. - The revenue from signal chain chips is expected to reach 975 million yuan in 2024, with a year-on-year growth of 12.19%, while power management chips are projected to generate 244 million yuan, growing by 11.89% [2][5]. - The company anticipates net profits of 165 million yuan, 310 million yuan, and 430 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 117x, 62x, and 45x [3][5].