StarPower(603290) 开源证券·2024-11-02 12:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance shows a quarter-on-quarter improvement, with short-term pressures not affecting long-term growth potential, thus maintaining a "Buy" rating [1] - The company achieved a revenue of 2.415 billion yuan for Q1-Q3 2024, a year-on-year decrease of 7.80%, and a net profit attributable to shareholders of 423 million yuan, down 35.69% year-on-year [1] - In Q3 2024, the company reported a revenue of 881 million yuan, a year-on-year decrease of 5.30% but a quarter-on-quarter increase of 21.02% [1] - The company has adjusted its net profit forecasts for 2024-2026 to 619 million, 953 million, and 1.175 billion yuan respectively, due to increased market competition [1] Financial Performance Summary - For Q1-Q3 2024, the company reported: - Revenue: 2.415 billion yuan, down 7.80% year-on-year - Net profit: 423 million yuan, down 35.69% year-on-year - Gross margin: 31.69%, down 4.63 percentage points year-on-year [1] - Q3 2024 financials: - Revenue: 881 million yuan, down 5.30% year-on-year, up 21.02% quarter-on-quarter - Net profit: 149 million yuan, down 34.91% year-on-year, up 32.49% quarter-on-quarter - Gross margin: 32.00%, down 4.59 percentage points year-on-year, up 0.78 percentage points quarter-on-quarter [1] - The company is expected to see revenue growth driven by new product launches in industrial control, power supply, and the electric vehicle sector [2] Growth Drivers - The company is advancing new products and technologies in the industrial control and power supply sectors, with IGBT modules based on seventh-generation micro-groove technology undergoing testing and small-scale production [2] - In the electric vehicle sector, the company is ramping up production of its 750V automotive-grade IGBT modules and has begun mass production of its 1200V automotive-grade IGBT modules [2] - The company’s self-developed automotive-grade SiC MOSFET chips are expected to significantly contribute to sales growth from 2024 to 2030 [2]