On November 21st, Guolonghui | China Merchants Securities research report pointed out that in the first three quarters of 2024, the domestic special integrated circuit industry saw a slight reduction in order size year-on-year, intensifying industry competition, leading to short-term pressure on the performance of Chengdu Huami (688709.SH). In Q3 2024, the company achieved revenue of 0.143 billion yuan, a 17.65% decrease year-on-year, with a net income attributable to the mother of 0.015 billion yuan, a 69.54% decrease year-on-year. Despite intensified industry competition resulting in short-term performance pressure, the company's profitability remains at a stable level with relatively small fluctuations. As the year-end approaches, the increase in related party transaction volume indicates that the company may improve the performance pressure caused by the year-on-year reduction in order size of the domestic special integrated circuit industry in Q4 2024. In addition, the company's investment projects are shaping its core competitiveness, and product application scenarios continue to expand. Maintaining a "strong buy" rating.