NCE(605111) 开源证券·2024-10-29 15:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3 2024, with revenue reaching 1.356 billion yuan, a year-on-year increase of 22.77%. The net profit attributable to shareholders increased by 54.59% to 332 million yuan, driven by market recovery and increased demand in emerging applications [2][3] - The company is well-positioned to benefit from growth in the automotive and AI server sectors, with a forecasted net profit of 459 million yuan for 2024, representing a 42.1% year-on-year increase [2][3] Financial Performance Summary - For Q3 2024, the company achieved revenue of 482 million yuan, a year-on-year increase of 39.45%, and a net profit of 115 million yuan, up 70.27% year-on-year. The gross margin improved to 38.04%, reflecting a 7.91 percentage point increase year-on-year [2][3] - The company forecasts net profits of 459 million yuan, 589 million yuan, and 752 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 31.9, 24.9, and 19.5 [2][3] Product and Market Development - The company has launched multiple products in the automotive electronics sector, significantly increasing its collaboration with BYD, with a 50% year-on-year increase in supplied products in H1 2024 [3] - In the AI server market, the company is actively developing products to meet the growing demand for AI computing power, with successful sales to leading overseas clients in the GPU sector [3] Financial Forecast Summary - Revenue is projected to grow from 1.477 billion yuan in 2023 to 1.844 billion yuan in 2024, with a compound annual growth rate of 24.9% through 2026 [5][6] - The gross margin is expected to stabilize around 35.6% in 2024, with net profit margins improving to 24.9% [5][6]