圣邦股份：前三季度收入同比增长30%，毛利率同比提高

Investment Rating - The investment rating for the company is "Outperform the Market" [3][11]. Core Views - The company achieved a revenue of 2.445 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 29.96%, and the net profit attributable to the parent company doubled to 285 million yuan, with a net profit margin increasing by 4.1 percentage points to 11.34% [1][2]. - The gross margin for the first three quarters of 2024 was 52.17%, an increase of 1.63 percentage points year-on-year, while the gross margin for Q3 2024 was 51.88%, up 2.87 percentage points year-on-year but down 0.32 percentage points quarter-on-quarter [1]. - The company is focused on the analog chip market, with expectations for growth in the global analog chip market of 6.7% in 2025, driven by new product launches and recovery in demand from the Chinese market [1][2]. Financial Performance Summary - For 2024, the company is projected to have a revenue of 3.235 billion yuan, a 23.7% increase from 2023, and a net profit of 392 million yuan, reflecting a 39.6% increase [2]. - The earnings per share (EPS) for 2024 is estimated at 0.83 yuan, with a projected PE ratio of 114.5x based on the October 25, 2024 stock price [2][3]. - The company’s R&D expenses increased by 17.89% to 649 million yuan in the first three quarters of 2024, with an R&D expense ratio of 26.54%, down 2.7 percentage points year-on-year [1][2].