Novosense(688052) 华创证券·2024-11-05 11:37Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 159.1 CNY per share [1]. Core Views - The company achieved a record high revenue of 5.17 billion CNY in Q3 2024, reflecting a year-on-year increase of 86.59% and a quarter-on-quarter increase of 6.32%. The gross margin was 32.06%, showing a decline of 4.39 percentage points year-on-year [1]. - The company is positioned as a leader in the domestic automotive isolation chip market, benefiting from a broad market space and continuous expansion. The product structure optimization is expected to enhance profitability [1]. - High levels of R&D investment are maintained, with R&D expenses accounting for 36.29% of revenue in Q1-Q3 2024, facilitating the development of new products and expanding the product matrix [1]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 1.366 billion CNY, a year-on-year increase of 36.49%. The net profit attributable to shareholders was -408 million CNY [2]. - The projected total revenue for 2024 is 1.908 billion CNY, with a year-on-year growth rate of 45.6%. The net profit is expected to be -297 million CNY [2]. - The company’s earnings per share (EPS) for 2024 is projected at -2.08 CNY, with a price-to-earnings (P/E) ratio of -59 [2].