芯卓产线建设稳健推进，新品迭代放量可期。3Q2024 末公司在建工程金额为23.12 亿元，环比+180.29%。公司在建工程环比显著增长，我们认为主要系因芯卓产线建设推进，资本开支不断投入导致。芯卓产线扩产有望进一步支撑公司射频模组业务增长。1H2024 公司披露射频模组收入占比已经达到42.29%，并预计射频模组收入占比将在未来持续增长。1H2024 公司发射端LPAMiD模组产品已在部分品牌客户验证通过，公司将进一步发挥自身优势，打造射频全产品线覆盖，提升高端产品的渗透率，强化核心竞争力。Incident: The company released its 2024 three-quarter report. In the first three quarters of 2024, the company achieved revenue of 3.367 billion yuan, +9.55%; net profit to mother 0.425 billion yuan, or -48.05% year-on-year; net profit after deducting non-return to mother 0.414 billion yuan, or -49.11% year-on-year.
3Q2024 revenue declined month-on-month, and continued to grow steadily when leveled off in the first three quarters. Looking at 3Q2024 alone, the company achieved revenue of 1.083 billion yuan, -23.13% YoY, -1.13%; net profit to mother 0.071 billion yuan, -84.29% YoY, -54.63% month-on-month; net profit without return to mother 0.06 billion yuan, -86.51% YoY and -62.14% month-on-month. 3Q2024's revenue declined month-on-month in a single quarter. We believe it was mainly due to factors such as demand fluctuations and industry competition; looking at the first three quarters as a whole, the company's revenue continued to grow, reflecting the company's stable position in the industry and the increase in new products.
The decline in 3Q2024 gross margin and net margin was mainly affected by factors such as depreciation and increased expenses. Looking at 3Q2024 alone, the company's gross margin was 37.14%, -9.43 pcts year on year, -4.26 pcts month on month; net profit margin 6.63%, -25.44 pcts year on year, -7.36 pcts month on month. 3Q2024's gross margin declined month-on-month, and we think it was mainly affected by Xinzuo's production line depreciation, product structure, and exchange rate changes. The decline in 3Q2024's net profit margin was higher than the gross profit margin, mainly due to a significant increase in the company's R&D expenses. 3Q2024's R&D expenses in a single quarter were 0.26 billion yuan, +66.10% year-on-year, and +15.88% month-on-month.
Xinzhuo's production line construction is progressing steadily, and the iterative release of new products can be expected. The project amount under construction at the end of 3Q2024 was 2.312 billion yuan, +180.29% over the previous month. The company's projects under construction increased significantly from month to month. We believe it is mainly due to the progress of Xinzhuo production line construction and continuous capital expenditure investment. The expansion of Xinzuo's production line is expected to further support the growth of the company's RF module business. 1H2024 revealed that RF module revenue share has reached 42.29%, and it is expected that RF module revenue share will continue to grow in the future. 1H2024's transmitter LPAMid module products have been verified by some brand customers. The company will further utilize its advantages to create full RF product line coverage, increase the penetration rate of high-end products, and strengthen core competitiveness.
Investment advice: We expect the company's 2024/2025/2026 revenue to be 4.473/5.288/5.97 billion yuan, and 2024/2025/2026 net profit to mother of 0.536/0.709/1.068 billion yuan, respectively. The corresponding 2024/2025/2026 PE will be 95.51/72.16/47.91 times, respectively, maintaining the “gain” rating.
Risk warning: New product progress falls short of expectations, industry competition intensifies, macro demand falls short of expectations, geopolitical risk, risk of exchange rate fluctuations, risk of lifting the ban on restricted stocks.
