Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company has shown a steady revenue growth for eleven consecutive quarters, with a total revenue of 2.38 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 25.34%. However, the net profit attributable to the parent company decreased by 29.66% to 191 million yuan due to accelerated R&D project expansion [5] - In Q3 2024, the company achieved a revenue of 910 million yuan, a year-on-year increase of 40.26% and a quarter-on-quarter increase of 15.97%. The net profit attributable to the parent company was 69 million yuan, up 2.82% year-on-year and 15.78% quarter-on-quarter [5] - The company is actively investing in R&D, with R&D expenses amounting to approximately 459 million yuan in the first three quarters, representing a R&D expense ratio of 19.28%, an increase of nearly 4 percentage points year-on-year [5] Company Overview - The latest closing price of the company is 42.24 yuan, with a total share capital of 426 million shares and a market capitalization of 18 billion yuan [4] - The company has a debt-to-asset ratio of 15.3% and a price-to-earnings ratio of 58.67 [4] Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 3.31 billion yuan, 4.21 billion yuan, and 5.30 billion yuan, respectively. The net profits attributable to the parent company are expected to be 310 million yuan, 450 million yuan, and 630 million yuan for the same years [7][9] - The company is expected to maintain a growth rate of 28.78% in 2025, 27.29% in 2026, and 25.94% in 2027 for its revenue [9] R&D and Market Position - The company is focusing on diversifying and platforming its development, particularly in automotive electronics, AI, and industrial sectors. It has launched multiple chip products in energy storage, photovoltaics, and communication fields [6] - In the automotive sector, the company is developing power management and drive chips, with products already in mass production for various applications [6]
南芯科技（688484）：积极布局汽车、AI、工业等领域，增长动能强劲