AWINIC(688798) 兴业证券·2024-11-07 07:59Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved a revenue of 2.366 billion yuan in the first three quarters of 2024, a YoY increase of 32.71%, and a net profit attributable to the parent company of 178 million yuan, turning from a loss to a profit [2] - In Q3 2024, the company's gross margin reached 32.92%, a QoQ increase of 4.02 percentage points, marking the fourth consecutive quarter of improvement [3] - The company has formed a platform-based model with three product lines: high-performance mixed-signal chips, power management, and signal chain, and is steadily advancing more comprehensive systematic innovation solutions [4] - Long-term growth is expected as the company continues to enhance its product matrix and expand into high-margin areas such as industrial internet and automotive electronics [4] Financial Performance - The company's gross margin for the first three quarters of 2024 was 29.69%, with Q3 gross margin at 32.92%, showing strong QoQ improvement [3] - Total operating expenses for Q3 2024 were 208 million yuan, with R&D expenses at 135 million yuan, a QoQ increase of 6.30% [3] - The company's revenue for 2024/2025/2026 is forecasted to be 3.149 billion yuan, 3.896 billion yuan, and 4.797 billion yuan, respectively, with YoY growth rates of 24.4%, 23.7%, and 23.1% [5] - Net profit attributable to the parent company for 2024/2025/2026 is expected to be 244 million yuan, 465 million yuan, and 718 million yuan, with YoY growth rates of 379.0%, 90.2%, and 54.6% [5] Product and Market Strategy - The company has a comprehensive audio solution integrating hardware chips and software algorithms, expanding into mid-to-high power areas such as notebooks and automotive audio [4] - The company's Haptic hardware and TikTap tactile feedback system have a strong first-mover advantage, with continuous product iteration [4] - The company's OIS chips and anti-shake algorithms for high-precision optical image stabilization are leading in progress and are expected to see significant growth in 2024 [4] Valuation and Ratios - The company's PE ratios for 2024/2025/2026 are 61.6x, 32.4x, and 21.0x, respectively, based on the closing price on November 4, 2024 [5] - The company's ROE is expected to improve from 6.3% in 2024 to 14.5% in 2026 [6] - The company's gross margin is forecasted to increase from 30.7% in 2024 to 35.6% in 2026 [6]