Shanghai New Vision Microelectronics (SH:688593) China Post Securities·2025-11-07 05:58Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Insights - The company reported a revenue of 436 million yuan for the first three quarters of 2025, representing a year-on-year growth of 27.21%. The net profit attributable to the parent company was 8 million yuan, showing a significant increase of 138.88% year-on-year [2][3]. - In Q3 2025, the company achieved a revenue of 151 million yuan, which is a 34.93% increase year-on-year and an 11.72% increase quarter-on-quarter. However, the net profit for Q3 decreased by 59.80% year-on-year and 16.33% quarter-on-quarter [3]. - The fourth quarter is expected to see further growth due to seasonal demand in the consumer electronics sector and the upcoming small-scale shipments of new OLED products [3]. - The company is expanding its OLED product applications, particularly in wearable devices and automotive sectors, which are anticipated to contribute to revenue growth in the coming years [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 640 million yuan, 1 billion yuan, and 1.47 billion yuan, respectively. The net profit attributable to the parent company is projected to be 10 million yuan, 100 million yuan, and 150 million yuan for the same years [5][7]. - The company is expected to experience significant growth in net profit, with a forecasted increase of 689.81% in 2026 compared to 2025 [7][14]. Relative Valuation - The company is positioned as one of the more comprehensive display driver chip design firms in China, with a focus on TFT-LCD and AMOLED display driver chips. The report highlights the potential for significant revenue growth as the company increases its market share in the mobile and automotive sectors [12][13].