维持“增持” 评级，维持目标价91.42元。公司为AIoT 芯片领先供应商，维持公司2024-2026 年EPS 预测1.06/1.62/2.16 元。考虑到数字SoC 中可比公司2024 年平均估值为55 倍PE，公司是国内为数不多进军8nm 的玩家，给予一定估值溢价，给予其2024 年86 倍PE，维持目标价91.42 元。Introduction to this report:
The company's flagship chips continued to be released, and various AIoT product lines ushered in mass growth. The AIoT chip platform-based layout continues to penetrate the company's AIoT product lines.
Key points of investment:
Maintain the “Overweight” rating and maintain the target price of 91.42 yuan. The company is a leading supplier of AIoT chips and maintains the 2024-2026 EPS forecast of 1.06/1.62/2.16 yuan. Considering that the average valuation of comparable companies in digital SoC in 2024 is 55 times PE, the company is one of the few domestic players to enter 8nm, giving them a certain valuation premium, giving them 86 times PE in 2024, and maintaining a target price of 91.42 yuan.
The company's flagship chips continued to be released, and various AIoT product lines ushered in mass growth. In 2024H1, the company achieved operating income of 1.249 billion yuan, +46.44% year-on-year; realized net profit to mother of 0.183 billion yuan, +636.99% year-on-year. In 2024Q2, the company achieved operating income of 0.706 billion yuan, +34.83% YoY, +29.91% month-on-month; realized net profit of 0.115 billion yuan to mother, +166.62% YoY, +70.17%. Judging from the performance breakdown, the chip sales business achieved revenue of 1.239 billion yuan, of which: (1) smart application processor chips achieved revenue of 1.105 billion yuan (2) digital-analog hybrid chips achieved revenue of 0.112 billion yuan (3) other chips achieved revenue of 0.022 billion yuan.
Technical services and other businesses achieved revenue of 0.094 billion yuan. In terms of profitability, the company actively promoted product structure optimization, and 2024H1 achieved a gross profit margin of 35.91%, +1.99pct compared to the same period in 2023.
The AIoT chip platform-based layout continues to penetrate the company's AIoT product lines. (1) Automotive electronics: The five major front-end product lines have gone hand in hand, and many breakthroughs have been made. The RK3588M's market recognition in the smart cockpit field has further increased, and the number of designated customers and projects has increased dramatically. (2) Machine vision: The RK3576 was officially launched and the design work for the RV1103B/C was completed, further improving the echelon layout of products with different performance in the field of machine vision. (3) Operators: Expand more product lines in smart office and smart home scenarios, covering various smart terminal applications such as AI IPC and set-top boxes. (4) Audio: Further complement the audio product matrix, release the new AI audio processor RK2118, and continue to promote the development of audio codecs and audio amplifier chips (5) Industry and robotics: serve various types of industrial equipment such as smart industry and smart power with multi-level AIoT platforms. (6) Education, office and consumer electronics: Based on the multi-scene computing AIT platform layout and AI algorithm layout for video, vision, audio, etc. with different computing power levels from 0.2 TOPS to 6 TOPS.
Catalyst: Accelerated penetration rate across AIoT product lines.
Risk warning: The downstream recovery falls short of expectations; the competitive landscape of the industry deteriorates.
