Lontium(688486) 山西证券·2024-10-29 07:00Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4]. Core Views - The company has shown significant revenue growth, with a 50.20% increase in revenue to 334 million yuan and a 33.47% increase in net profit to 94 million yuan for the first three quarters of 2024 [2][3]. - The company is actively expanding its domestic and international markets, resulting in a substantial increase in order volume [3]. - The product matrix is continuously enriched, particularly in the automotive electronics sector, where market share has significantly improved [4]. Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 55.98%, an increase of 2.18 percentage points, while the expense ratio decreased to 30.61%, down by 1.12 percentage points [1]. - The company reported a cash flow from operations of 49 million yuan, a decrease of 28.64%, primarily due to increased procurement payments [1]. - Inventory levels rose to 130 million yuan, an increase of 86.79%, reflecting proactive stockpiling based on market demand [1]. Revenue and Profit Forecast - The company forecasts revenues of 465 million yuan, 661 million yuan, and 971 million yuan for 2024, 2025, and 2026, respectively, with net profits projected at 139 million yuan, 191 million yuan, and 263 million yuan for the same years [4][5]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.36 yuan, 1.87 yuan, and 2.58 yuan, respectively [5]. Market Position and Product Development - The company has a strong focus on high-definition video bridging and processing chips, as well as high-speed signal transmission chips, with a stable performance and reliability [1]. - The automotive electronics segment accounts for approximately 20% of revenue, with ongoing efforts to expand the customer base and product offerings [3][4].