GigaDevice(603986) 民生证券·2024-10-27 11:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term growth potential [2][4]. Core Insights - The company reported a revenue of 5.65 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 28.56%, and a net profit attributable to shareholders of 832 million yuan, up 91.87% year-over-year [1]. - The third quarter of 2024 saw a revenue of 2.04 billion yuan, marking a year-over-year growth of 42.83% and a quarter-over-quarter increase of 2.97%, driven by demand recovery in the consumer and networking markets [1]. - The company is actively launching new products across various fields and deepening cooperation with downstream customers, solidifying its market position in NOR Flash and expanding into DRAM products [2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 1.16 billion yuan, with corresponding price-to-earnings (PE) ratios of 51, 35, and 25 for the years 2024, 2025, and 2026 respectively [2][3]. - The gross margin for Q3 2024 was reported at 41.77%, an increase of 5.41 percentage points year-over-year and 3.62 percentage points quarter-over-quarter [1]. - The company’s inventory at the end of Q3 2024 was 2.04 billion yuan, with inventory turnover days significantly reduced compared to the same period last year [1].