3PEAK(688536) 光大证券·2025-02-03 01:34Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to achieve revenue of between 1.205 billion to 1.25 billion yuan in 2024, representing a year-on-year growth of 10.19% to 14.31%. However, it anticipates a net loss attributable to shareholders of between 197 million to 180 million yuan, a decrease of 145 million to 162 million yuan compared to the previous year [1]. - In Q4 2024, the company is projected to achieve a single-quarter revenue of 357 million to 402 million yuan, with a quarter-on-quarter growth of 4.39% to 17.54% and a year-on-year growth of 27.5% to 43.57% [2]. - The company has completed the acquisition of Shenzhen Chuangxin Microelectronics Co., Ltd., enhancing its product matrix and customer base [3]. - The company is focusing on optimizing its product line and internal resource allocation, particularly in the analog and mixed-signal product lines [3]. Summary by Sections Revenue and Profit Forecast - The company’s revenue for 2024 is forecasted at 1.245 billion yuan, with a growth rate of 13.81%. The net profit is expected to be a loss of 190 million yuan, with a significant adjustment of -177% from previous estimates [4][5]. - The revenue for 2025 is projected to be 1.884 billion yuan, reflecting a growth rate of 51.41% [5]. Product Development and Market Strategy - The company is increasing its R&D investment to accelerate the development of new products in signal chains, power management, and automotive-grade products, with a notable increase in the number of new products launched [2][3]. - The company is also enhancing its market expansion efforts both domestically and internationally, increasing its sales personnel and marketing investments [2]. Financial Metrics - The company’s gross margin is expected to be around 48% in 2024, with a projected decline in gross margin to 45.9% in 2025 [3][4]. - The P/E ratios for 2024, 2025, and 2026 are projected to be N/A, 78X, and 28X respectively [4][5]. Valuation - The report suggests that despite the pressure on 2024 earnings, the progress of new products and the gradual ramp-up of automotive business are positive indicators for the company's long-term potential [4].