3PEAK(688536) 民生证券·2024-11-01 10:31Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company has shown continuous improvement in profitability, with new products gradually ramping up production. In the first three quarters of 2024, the company achieved revenue of 848 million yuan, a year-on-year increase of 4.31%, and a net profit attributable to shareholders of -99 million yuan [1]. - The company completed the acquisition of 100% equity in Chuangxin Micro, which is expected to enhance its market competitiveness and influence through the integration of business operations [1]. - The company is focusing on the automotive, new energy, server, and optical module markets, with significant growth in signal chain and power management chip products [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 848 million yuan, with a net profit of -99 million yuan and a non-recurring net profit of -169 million yuan. In Q3 2024 alone, revenue reached 342 million yuan, marking a year-on-year increase of 69.76% and a quarter-on-quarter increase of 11.37% [1]. - The signal chain chip products generated revenue of 710 million yuan in the first three quarters, up 9.37% year-on-year, while power management chip products saw a decline of 13.91% to 138 million yuan [1]. - The comprehensive gross margin for Q3 2024 was 51.6%, an increase of 1.58 percentage points year-on-year and 3.32 percentage points quarter-on-quarter [1]. Future Earnings Forecast - The company is projected to achieve net profits of -53 million yuan, 175 million yuan, and 413 million yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios for 2025 and 2026 are expected to be 79 and 34 times [2][4].