下游需求逐步回暖带动收入提升，高毛利定制服务及IP 授权季度波动影响利润。随着下游需求的逐步回暖及各类电子终端产品传统旺季的到来，公司整体收入稳步提升，2024前三季度公司实现营业收入25.40 亿元，同比+37.72%，归母净利润亏损额为4.12 亿元，同比小幅减亏，扣非归母净利润为-4.76 亿元，同比减亏0.59 亿元；其中2024Q3 公司实现营业收入8.84 亿元，同比+12.34%，环比+7.20%，收入规模进一步扩大；受毛利率较高的业务如定制服务及IP 授权季度波动影响，2024Q3 公司毛利率有所下降，单季度毛利率为21.94%，同比-2.78pct，环比-2.81pct，对公司业绩形成一定压制，2024Q3 公司扣非归母净利润为-1.75 亿元，同环比亏损分别增加0.62、0.32 亿元。Description of the event
On October 29, Aojie Technology announced the “Report for the Third Quarter of 2024”. In the first three quarters of 2024, the company achieved operating income of 2.54 billion yuan, +37.72% year on year, and net profit loss to mother of 0.412 billion yuan, a slight decrease over the previous year. Net profit after deducting non-attributable net profit was -0.476 billion yuan, a year-on-year decrease of 0.059 billion yuan.
Incident comments
The gradual recovery in downstream demand led to an increase in revenue, and quarterly fluctuations in high-margin customized services and IP licensing affected profits. With the gradual recovery of downstream demand and the arrival of the traditional peak season for various electronic terminal products, the company's overall revenue increased steadily. In the first three quarters of 2024, the company achieved operating income of 2.54 billion yuan, +37.72% year-on-year, and a net profit loss of 0.412 billion yuan, a slight year-on-year reduction. Net profit after deducting non-attributable net profit was -0.476 billion yuan, a year-on-year loss of 0.059 billion yuan; of these, the 2024Q3 company achieved operating income of 0.884 billion yuan, year-on-year + 12.34%, +7.20% month-on-month, and the revenue scale further expanded; due to quarterly fluctuations in high-margin businesses such as customized services and IP licensing, 2024Q3's gross margin declined. The gross margin for the single quarter was 21.94%, -2.78pct year on year, and -2.81 pct month-on-month, which suppressed the company's performance. The net profit of 2024Q3 after deduction of non-return mother was -0.175 billion yuan, and losses increased by 0.062 and 0.032 billion yuan, respectively.
R&D investment continues to increase, and the pace of product streaming is smooth. 2024Q3's R&D expenses were 0.31 billion yuan, +19.86% year over year and +11.16% month over month. The company's development and production of various new products are progressing smoothly. The company has achieved continuous progress in R&D in the fields of the Internet of Things, mobile phones, etc. Among them, the IoT product business launched the first 5gRedCap chip in 2024H, and completed laboratory interconnection and 5G native enhancement feature verification with many major equipment manufacturers. It has now cooperated with the first batch of customers to actively promote the marketization of terminal products based on this chip. It is expected to be officially mass-produced in the second half of 2024; in the mobile phone product business, the company will launch the first in 2024H The ASR8601 smartphone chip debuted in the Latin American market with the Logicmobility L65A phone. Its self-developed camera hardware 3D noise reduction algorithm allows users to maintain high-definition video and camera effects even in dark light. Customer feedback is good. At the same time, the chip's shipment has covered more scenarios, including smart watches, smart tablets, children's learning machines, etc., and is currently in the customer introduction stage, and is expected to become a new growth point for the company in the future.
New automotive and non-cellular IoT products are advancing in sequence, opening up multiple growth channels for the company in multiple fields and categories. The company has also achieved rapid growth in the automotive and non-cellular IoT sectors. Among them, in terms of automotive products, the company's 2024 HLTE Cat.4 automotive front-end solution shipments are far higher than the same period last year. The single product sales scale has reached the level of one million, and shipments are expected to exceed 2 million pieces this year; in the non-cellular IoT field, shipments of WiFi+BLE Combo chips from various white electronics companies including Midea, Haier, Changhong, and Fangtai are steadily rising; in addition, 5G smartphone SOC chips and 5G lightweight smart terminal chips Fourteen R&D projects, including 4G smartphone chips, are also being carried out in an orderly manner, and the product structure is constantly being optimized.
We expect the company's revenue in 2024-2026 to reach 3.457, 4.41, and 6.015 billion yuan, corresponding to PS of 5X, 4X, and 3X, maintaining a “buy” rating.
Risk warning
1. The risk that the semiconductor boom falls short of expectations;
2. The risk that the promotion of new products falls short of expectations.
