半导体市场需求逐步改善，公司收入规模稳健增长。2024 年前三季度国内汽车电子行业需求持续旺盛，工业和消费类需求开始逐步改善，公司顺应市场需求持续优化下游结构及产品结构，积极开拓海内外市场与客户。公司秉持成本领先的战略，持续推进降本增效，成效明显，2024 年前三季度公司毛利率实现稳步上升。3Q24公司单季度的销售毛利率为33.59%，环比提升2.27 pcts，销售净利率为15.81%，环比略微下降0.07 pcts。Brief performance review
On the evening of October 22, 2024, the company disclosed its 2024 three-quarter report. In the first three quarters of 2024, the company achieved revenue of 4.423 billion yuan, a year-on-year increase of 9.48%; net profit to mother was 0.669 billion yuan, +8.28% year-on-year. Among them, Q3 achieved revenue of 1.558 billion yuan in a single quarter, up 10.06% year on year, +1.38% month on month; realized net profit of 0.244 billion yuan, +17.91% year on month, and -0.03% month on month; realized net profit of 0.231 billion yuan after deduction, +13.74% year on year and -1.30% month on month.
Management analysis
Demand in the semiconductor market gradually improved, and the company's revenue scale grew steadily. Demand in the domestic automotive electronics industry continued to be strong in the first three quarters of 2024, and industrial and consumer demand began to gradually improve. The company continued to optimize the downstream structure and product structure in line with market demand, and actively explore domestic and foreign markets and customers. Adhering to a cost-leading strategy, the company continued to reduce costs and increase efficiency. The results were obvious. The company's gross margin rose steadily in the first three quarters of 2024. 3Q24's gross sales margin in a single quarter was 33.59%, up 2.27 pcts month-on-month, and net sales margin was 15.81%, down slightly by 0.07 pcts month-on-month.
The company continues to make efforts in the automotive electronics market and continuously develops new products to form a differentiated competitive advantage. In order to develop new products with high technical content, unique performance and meet specific market needs, and enhance the added value of the company's products, 3Q24's R&D expenses rate was 6.99%, up 0.48 pcts from the same period last year. With the electrification and intelligent transformation of the automotive industry, there is still room for growth in the automotive grade power device market, and there is still plenty of room to improve the localization rate of medium- and low-voltage power devices in the stock market, providing the company with new growth opportunities. The automotive electronics business revenue in the first three quarters of 2024 increased 60% compared to the same period last year. Meanwhile, with the gradual recovery of demand in the consumer electronics and industrial markets, consumer electronics and industrial business revenue increased by more than 20% in the first three quarters of 2024 compared to the same period last year. We are optimistic about future optimization of the company's product structure and increase in capacity utilization, and the performance growth rate is expected to gradually recover.
Profit Forecasts, Valuations, and Ratings
Considering the gradual recovery of industry sentiment, we predict that the company's net profit for 24-26 will be 0.953/1.198/1.41 billion yuan, respectively, +3%/+26%/+18%, respectively, corresponding EPS of 1.76/2.21/2.60 yuan, respectively. The current price of the company's stock corresponds to a PE valuation of 29/23/19 times, maintaining a “buy” rating.
Risk warning
The recovery in industry demand fell short of expectations; market competition intensified; exchange rate fluctuations; production capacity investment fell short of expectations; and the ban on restricted stocks was lifted.
