SG Micro Corp(300661) 平安证券·2024-10-29 02:30Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company achieved a revenue of 2.445 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 29.96% [3][4] - The net profit attributable to shareholders reached 285 million yuan, up 100.57% year-on-year, with a non-recurring net profit of 249 million yuan, reflecting a growth of 165.77% year-on-year [3][4] - The overall gross margin and net margin for the first three quarters of 2024 were 52.17% (up 1.63 percentage points YoY) and 11.34% (up 4.1 percentage points YoY), respectively [4] - The company has successfully launched several new products in the first half of 2024, including a dual-channel 2A flash LED driver and a high-side current sensing operational amplifier [5][6] Financial Summary - For 2024, the company is projected to achieve a net profit of 427 million yuan, with estimates for 2025 and 2026 at 607 million yuan and 804 million yuan, respectively [6] - The expected P/E ratios for 2024, 2025, and 2026 are 102, 72, and 54 times, respectively [6] - The company has a total market capitalization of 43.4 billion yuan and a circulating A-share market value of 41.6 billion yuan [1] Revenue and Profitability Forecast - The company’s revenue is expected to grow from 3.335 billion yuan in 2024 to 5.422 billion yuan by 2026, with a compound annual growth rate of 27.5% [5][9] - The net profit is projected to increase from 427 million yuan in 2024 to 804 million yuan in 2026, indicating a strong growth trajectory [5][9] - The gross margin is expected to improve from 50% in 2024 to 53% in 2026, while the net margin is anticipated to rise from 12.8% to 14.8% over the same period [9]