Goke(300672) 国金证券·2024-10-30 03:39Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [2][10]. Core Views - The company experienced a significant revenue decline of 62.32% year-on-year in the first three quarters of 2024, primarily due to a reduction in low-margin product sales [2]. - Despite the revenue drop, the company reported a net profit of 0.70 billion yuan, a decrease of 10.47% year-on-year, while the non-GAAP net profit increased by 33.75% to 0.45 billion yuan [2]. - The company is increasing its R&D investment, with R&D expenses amounting to 3.77 billion yuan, representing approximately 31.33% of its revenue [3]. - The company is expanding its product lines in ultra-high-definition smart display and smart vision sectors, with several products already certified for compatibility with the HarmonyOS ecosystem [3]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 3.51 billion yuan, down 45.91% year-on-year, but net profit surged by 450.14% to 0.43 billion yuan [2]. - The gross margin improved to 34.63%, up 20.25 percentage points quarter-on-quarter, and the net profit margin reached 11.87%, up 15.00 percentage points [2]. Revenue and Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 1.05 billion yuan, 1.76 billion yuan, and 2.65 billion yuan, respectively, with corresponding EPS of 0.48 yuan, 0.81 yuan, and 1.22 yuan [3][5].