南芯科技：Q3加大研发投入，多领域创新驱动未来增长！"#$%

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is increasing its R&D investment, driving innovation across multiple fields for future growth [1] - In the first three quarters of 2024, the company achieved revenue of 18.99 billion yuan, a year-on-year increase of 57.49% [1] - The net profit attributable to the parent company for Q3 2024 was 0.67 billion yuan, a decrease of 36.30% quarter-on-quarter and a decrease of 16.27% year-on-year [1] - The company is actively expanding its product applications from mobile devices to new fields and customers, enhancing its risk resistance capabilities [1] Financial Performance Summary - For Q3 2024, the company reported revenue of 6.49 billion yuan, a quarter-on-quarter increase of 0.12% and a year-on-year increase of 19.00% [1] - The gross profit margin for Q3 2024 was 40.02%, a slight decrease of 0.08 percentage points quarter-on-quarter and a year-on-year decrease of 3.12 percentage points [1] - The company’s R&D expenses for Q3 were 1.17 billion yuan, a quarter-on-quarter increase of 25.54% [1] - The projected net profits for the company from 2024 to 2026 are expected to be 3.18 billion yuan, 4.87 billion yuan, and 6.18 billion yuan respectively [1][2] Revenue and Profit Forecast - The company’s revenue is forecasted to grow from 1,780 million yuan in 2023 to 4,047 million yuan in 2026, with year-on-year growth rates of 36.9%, 36.6%, 31.9%, and 26.2% respectively [3][4] - The net profit attributable to the parent company is projected to increase from 261 million yuan in 2023 to 618 million yuan in 2026, with corresponding year-on-year growth rates of 6.2%, 21.8%, 52.9%, and 26.9% [3][4] - The gross profit margin is expected to remain stable around 42.3% in 2023, decreasing slightly to 41.0% by 2026 [4] Key Financial Ratios - The company’s return on equity (ROE) is projected to improve from 7.1% in 2023 to 11.9% in 2026 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 62.27 in 2023 to 23.94 in 2026, indicating a more attractive valuation over time [4]