3PEAK(688536) 民生证券·2024-12-16 12:56Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company has launched a new product, ASN (Automotive Sensor Network), which fills a domestic gap in the automotive market and aims to enhance supply chain security in collaboration with leading global car manufacturers [1]. - The ASN product is designed for in-vehicle audio transmission applications, addressing challenges such as cable weight, cost, and reliability, while also reducing overall vehicle weight and improving range [1]. - The company is focusing on analog and mixed-signal products, continuously enhancing its product matrix with various new offerings in signal chain chips, power management chips, and mixed-signal MCU series [1]. - The financial forecast indicates a gradual improvement in profitability, with expected net profits of -0.53 billion, 1.75 billion, and 4.13 billion yuan for 2024, 2025, and 2026 respectively, suggesting a turning point in performance [1][2]. Financial Summary - The company's projected revenue for 2024 is 1,263 million yuan, reflecting a growth rate of 15.5% compared to 2023 [2]. - The net profit attributable to shareholders is expected to improve significantly from -53 million yuan in 2024 to 175 million yuan in 2025 and 413 million yuan in 2026, indicating a growth rate of 431.5% in 2025 and 136.6% in 2026 [2][5]. - The price-to-earnings (PE) ratio is projected to be 77 in 2025 and 33 in 2026, suggesting a favorable valuation as the company moves towards profitability [2][5].