生益电子：24年前三季度营收利润双增，“AI+”带动盈利持续上扬

Investment Rating - The investment rating for the company is "Buy" [1] - The market price is RMB 34.70, with a sector rating of "Outperform" [1] Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2024, achieving revenue of RMB 3.179 billion, a year-on-year increase of 32.97%, and a net profit of RMB 187 million, marking a turnaround from losses [3] - The company's gross margin improved to 21.68%, up 5.46 percentage points year-on-year, and the net profit margin reached 5.87%, up 6.60 percentage points year-on-year [3] - The growth is driven by advancements in the telecommunications, server, and automotive sectors, with AI applications contributing to profitability [3] - The company is expected to continue its growth trajectory, with revenue projections for 2024, 2025, and 2026 set at RMB 4.414 billion, RMB 5.866 billion, and RMB 7.031 billion, respectively [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of RMB 3.179 billion, a 32.97% increase year-on-year, and a net profit of RMB 187 million, reversing previous losses [3] - The gross margin for Q3 2024 was reported at 24.93%, reflecting a year-on-year increase of 10.77 percentage points [3] - The company’s revenue for Q3 2024 was RMB 1.206 billion, a 49.27% increase year-on-year [3] Market Position and Growth Drivers - The PCB market is steadily growing, with AI and HPC being significant drivers, projected to have a compound annual growth rate of 32.5% from 2023 to 2028 [3] - The company has made early investments in R&D for 800G high-speed switch products, which have started to receive bulk orders [3] - The server product revenue has seen substantial growth, with a 42.45% share of total revenue, up 20.87 percentage points year-on-year [3] Future Projections - The company’s earnings forecasts have been adjusted upwards, with expected net profits of RMB 271 million, RMB 575 million, and RMB 758 million for 2024, 2025, and 2026, respectively [3] - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 106.4, 50.2, and 38.1 times, respectively [3]