必易微：24Q3经营稳健，盈利能力改善可期

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is experiencing steady operations with an expected improvement in profitability. The third quarter of 2024 saw a year-on-year revenue increase of 42.72%, reaching 173 million yuan, while the net profit attributable to shareholders was -9.77 million yuan, a year-on-year increase of 37.60% [1] - The recovery in terminal demand is gradually restoring the company's profitability, supported by the reduction of inventory in the LED driver and display DDIC chip sectors, alongside an increase in demand from downstream consumer electronics [1] - The company is continuously optimizing its product structure and expanding its application fields, with significant growth in its market share and profitability [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 476 million yuan, a year-on-year increase of 12.74%, while the net profit attributable to shareholders was -20 million yuan, a decrease of 42.15% year-on-year [1] - The gross profit margin improved by 1.54 percentage points to 25.05% in Q3 2024, and inventory turnover days decreased from 143.98 days in Q3 2023 to 136.71 days in Q3 2024, indicating a recovery from the industry cycle bottom [1] Product Development - The company is enhancing its research and development efforts and introducing new products to expand its market share and profitability. It has launched several products in the AC-DC chip sector and successfully entered the supply chains of major customers in the LED driver sector [1] - The company has also made strides in the battery management chip sector, supplying major brands of electric two/three-wheelers, and has completed a new layout in the motor drive chip sector [1] Future Outlook - The company is expected to see a gradual recovery in demand for consumer chips in 2024, with revenue projections for 2024-2026 set at 642 million yuan, 840 million yuan, and 1.05 billion yuan respectively, reflecting growth rates of 11.0%, 30.9%, and 25.0% [2][3] - The net profit attributable to shareholders is projected to turn positive in 2025, with estimates of 18 million yuan and 21 million yuan for 2025 and 2026 respectively [2][3]