3PEAK(688536) 平安证券·2024-11-03 11:38Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company has shown significant revenue growth in Q3 2024, driven by demand in niche markets such as optical modules, new energy, and servers, with a 69.76% year-on-year increase in revenue for the quarter [4] - Despite the revenue growth, the company reported a net loss of 99 million yuan for the first three quarters of 2024, compared to a profit of 16 million yuan in the same period last year, indicating ongoing profitability challenges [5] - The company is actively expanding its product lines and market presence, particularly in the server and automotive sectors, which are expected to provide new growth opportunities [8] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 342 million yuan, a 69.76% increase year-on-year, with a gross margin of 51.60% [4] - For the first three quarters of 2024, total revenue reached 848 million yuan, a 4.31% increase year-on-year, while the net loss was 99 million yuan [5] - The company’s R&D expenditure was 394 million yuan, accounting for 46.43% of total revenue, reflecting a strong commitment to innovation [5] Product and Market Development - The company has completed the acquisition of Shenzhen Chuangxin Microelectronics, enhancing its product offerings in consumer lithium battery protection and power management chips [7] - New products targeting the server market and automotive applications have been introduced, including the TPC502200 and TPV710Q chips, which are expected to strengthen the company's competitive position [8] Future Outlook - The company is projected to see a gradual recovery in earnings, with expected EPS of 0.46 yuan in 2024, 1.70 yuan in 2025, and 2.73 yuan in 2026, despite current losses [8] - The report suggests that while short-term performance may be under pressure, the company is well-positioned for future growth due to its strategic acquisitions and focus on R&D [8]