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瑞芯微(603893):2024Q1-Q3业绩预告高成长超预期 开启新一轮成长周期

Rockchip (603893): 2024Q1-Q3 performance forecast, high growth exceeding expectations, starting a new growth cycle

The 2024Q1-Q3 performance forecast exceeded expectations, and the release of new products brought an increase in performance. On October 11, 2024, the company released a performance forecast for the first three quarters of 2024. The 2024Q1-Q3 company expects to achieve revenue of 2.16 billion yuan, which is expected to be +48.50% year over year; expected to achieve net profit attributable to mother: 3.40 to 0.36 billion yuan, expected to be +339.75% ~ +365.62%; Expected net profit without return to mother: 3.30 to 0.35 billion yuan, expected to achieve revenue of +396.86% to +426.98%; 2024Q3 is expected to achieve revenue of 0.911 billion yuan in a single quarter, expected to be +51.42% YoY, and +29.18% month-on-month; Expected net profit of 1.57 to 0.177 billion yuan, expected to be +199.39% to +237.47% YoY, expected to be +36.57% ~ +53.95% month-on-month; Expected net profit of 1.53 to 0.173 billion yuan YoY +197.85% ~ +236.74%, expected to be +38.17% ~ +56.21% month-on-month.

2024Q1-Q3, demand for the company's AIoT product lines showed a collective increase, benefiting from the company's AIoT chip matrix layout advantages, the company's NPU's technical advantage in implementing AI algorithms, the introduction of the company's new products RK3576, RK2118, and RV1103B from leading customers in various downstream fields progressed smoothly, and the company's performance increased. 2024Q3 expected revenue to reach a record high in a single quarter. We raised the net profit for 2024-2026 to 0.548/0.855/1.25 billion yuan ( The previous value was 0.506/0.844/1.249 billion yuan), and the corresponding PE was 51.9/33.3/22.8 times.

We are optimistic about the sufficient growth brought about by the company's continued release of new products, and maintain a “buy” rating.

We are optimistic about improving profitability in the short term. In the short term, we are optimistic about the increase in performance brought about by the expansion of the AIoT chip product matrix. At the same time, the company's new products, RK3576 and RK2118 are expected to form a new growth point in 2024H2. At the same time, as an AIoT SoC leader, AI application processor chips have built-in CPUs and GPU cores with different performance levels, as well as self-developed NPUs with different computing power from 0.2TOps to 6TOps. Chips such as the company's new-generation smart vision processor RV1103B/C and the new general-purpose SoC processor RK3506 are expected to be introduced to the market in 2024H2, and the company's AIoT chip platform layout continues to improve. We believe that with the continuous improvement of the company's AIoT chip layout, the company will fully meet the needs of different markets and have sufficient momentum for future growth.

Risk warning: downstream demand falls short of expectations; customer introduction falls short of expectations; technology research and development falls short of expectations.

The translation is provided by third-party software.


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