DDR5 第二子代出货量超第一子代，3Q24 Retimer 芯片出货量超60 万颗。一方面，受益于全球服务器及计算机行业需求逐步回暖，DDR5 下游渗透率提升且子代持续迭代，公司内存接口及模组配套芯片需求实现恢复性增长，DDR5第二子代内存接口芯片出货量超过第一子代产品，3Q24 DDR5 内存接口芯片单季度出货量超过DDR4 内存接口芯片。另一方面，受益于AI 产业趋势推动，公司三款高性能运力芯片新产品（PCIe Retimer、MRCD/MDB、CKD 芯片）开始规模出货，PCIe Retimer 芯片第三季度出货量超过60 万颗，推动公司三款高性能运力芯片新产品合计销售收入环比小幅增长。Revenue for the first three quarters increased 68.56% year over year, and net interest rate increased to 37.98%. In the first three quarters of 2024, the company achieved revenue of 2.571 billion yuan (YoY +68.56%), net profit due to mother of 0.978 billion yuan (YoY +318.42%), net profit of 0.874 billion yuan (YoY +460.88%), and net profit increased by 22.64pct to 37.98%. By product line, revenue from the connected chip product line increased 59.37% year on year to 2.377 billion yuan, which is impressive? The revenue of the server platform product line increased 565.34% year over year to 0.185 billion yuan.
In the third quarter, interconnect chip revenue and net profit to mother hit new quarterly highs. The company's 3Q24 achieved revenue of 0.906 billion yuan (YoY +51.60%, QoQ -2.35%), of which the interconnected chip product line revenue was 0.849 billion yuan (YoY +46.02%, QoQ +1.83%), a quarterly high; net profit to mother of 0.385 billion yuan (YoY +153.4%, QoQ +4.1%), hit a quarterly high, net profit of 0.33 billion yuan (YoY +116.8%) QoQ +1.5%), a quarterly high, with a net margin of 42.30% (YoY +16.9pct, QoQ +2.4pct).
Gross profit margin declined year-on-year in the third quarter and increased month-on-month. The company's gross margin for the first three quarters of 2024 was 58.12%, down 1.5 pct from the same period last year. Among them, 3Q24 gross margin was 58.74%, down 6.1 pct year on year, up 0.9 pct from month to month. In terms of expenses during the period, R&D expenses increased 13.4% year on year to 0.552 billion yuan in the first three quarters, R&D rates decreased 10.4 pcts to 21.48% year on year; management rates fell 3.5 pct to 4.74% year on year, sales rates decreased 1.6 pct to 2.69% year on year, and financial rates increased 1.0 pct to -7.59% year on year. Among them, the 3Q24 R&D rate declined year on month, the management rate and sales rate decreased year on month, and the financial rate increased year on month. The total rate for the four periods decreased by 11.3 pct year on year, and decreased by 0.01 pct month on month.
The DDR5 second generation shipped more than the first generation, and the 3Q24 Retimer chip shipped more than 0.6 million pieces. On the one hand, benefiting from the gradual recovery in demand in the global server and computer industry, the increase in DDR5 downstream penetration and continuous iteration, the company's demand for memory interface and module supporting chips has achieved restorative growth. Shipments of DDR5 second-generation memory interface chips surpassed first-generation products, and 3Q24 DDR5 memory interface chips surpassed DDR4 memory interface chips in a single quarter. On the other hand, benefiting from AI industry trends, the company's three new high-performance power chip products (PCIe Retimer, MRCD/MDB, and CKD chips) began large-scale shipments. PCIe Retimer chips shipped more than 0.6 million units in the third quarter, driving the total sales revenue of the company's three new high-performance power chip products to increase slightly month-on-month.
Investment advice: The scale of the new product was shipped smoothly, maintaining the “better than the market” rating. We expect the company's net profit to be 1.303/1.959/2.637 billion yuan in 2024-2026 (previous value was 1.354/1.941/2.641 billion yuan), and the PE corresponding to the stock price on October 30, 2024 would be 61/40/30x, respectively. The company's new products were shipped smoothly on a large scale and maintained a “superior to the market” rating.
Risk warning: New product development falls short of expectations; customer verification falls short of expectations; demand falls short of expectations.
