Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Views - The company has shown a significant improvement in gross margin, with a gross margin of 17.76% in Q3 2024, up 6.14 percentage points year-on-year. The net profit margin also increased to 5.18%, up 4.05 percentage points year-on-year [2][3]. - The company is focusing on AI edge products, launching the E-series general edge AI BOX based on NVIDIA Jetson Orin modules, which has applications in various fields such as smart transportation and industrial IoT [3]. - The company is expected to continue its innovation in AI products, with projected EPS of 0.60, 1.01, and 1.47 yuan for 2024, 2025, and 2026 respectively [3][4]. Financial Summary - The company reported a revenue of 2.781 billion yuan in Q3 2024, a slight increase of 0.06% year-on-year, while the net profit attributable to the parent company was 82 million yuan, up 162.37% year-on-year [2]. - Revenue projections for the next few years are as follows: 4.252 billion yuan in 2024, 5.187 billion yuan in 2025, and 6.432 billion yuan in 2026, with growth rates of 16.00%, 22.00%, and 24.00% respectively [4][6]. - The net profit attributable to the parent company is projected to be 149.82 million yuan in 2024, 254.69 million yuan in 2025, and 368.52 million yuan in 2026, with significant growth rates of 356.61%, 70.00%, and 44.70% respectively [4][6].
智微智能：毛利率提升明显，发力AI端侧产品