瑞芯微：营收创历史单季新高

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 106.10 [4][7]. Core Insights - The company achieved a record high revenue of RMB 911 million in Q3 2024, representing a year-over-year increase of 51.36% and a quarter-over-quarter increase of 29.12%. The net profit attributable to the parent company was RMB 169 million, up 221.68% year-over-year and 46.75% quarter-over-quarter, slightly exceeding the forecasted median of RMB 163 million [4][5]. - The growth is attributed to the company's increasing market share in the AIoT sector, particularly in automotive electronics and various industrial and consumer markets. The third quarter is traditionally a peak season for the industry, contributing to the revenue surge [4][5]. - The gross margin for Q3 2024 reached 37.34%, an increase of 1.26 percentage points year-over-year and 0.48 percentage points quarter-over-quarter, driven by cost optimization and a higher proportion of mid-to-high-end products [5][6]. Summary by Sections Financial Performance - Q3 2024 revenue was RMB 911 million, with a year-over-year growth of 51.36% and a quarter-over-quarter growth of 29.12%. The net profit was RMB 169 million, reflecting a year-over-year increase of 221.68% [4][5]. - The company’s gross margin improved to 37.34%, benefiting from cost management and product mix enhancement [5][6]. Market Outlook - For Q4 2024, a seasonal fluctuation in consumer revenue is anticipated, but the company has diversified its market presence across multiple sectors, which should help mitigate these effects. The gross margin is expected to remain stable in the long term due to ongoing trends towards high-end products [6][7]. - The company has established a new marketing system focused on product lines, particularly the RK3588 series, to cater to various market needs, including automotive electronics and AIoT applications [6][7]. Revenue and Profit Forecast - Revenue forecasts for 2024-2026 have been revised upwards to RMB 30.74 billion, RMB 39.20 billion, and RMB 48.06 billion, respectively. Net profit forecasts have also been increased to RMB 5.03 billion, RMB 7.27 billion, and RMB 10 billion for the same period [7][8].