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56 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 Q3 performance surpassed expectations. Benefiting from the continued release of flagship chips, various AIoT product lines ushered in overall growth, and growth is expected to continue in Q4.
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 56 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 Q3 performance surpassed expectations. Benefiting from the continued release of flagship chips, various AIoT product lines ushered in overall growth, and growth is expected to continue in Q4. The company achieved operating income of 0.911 billion yuan in 2024Q3, +51.42% YoY and +29.18%, a record quarterly high; achieved net profit of 0.157-0.177 billion yuan, YoY +199.39-+237.47%, +36.57-+53.95% month-on-month; realized net profit of 0.153-0.173 billion yuan, YoY +197.85-+236.74%, month-on-month +38.17-+56.21%, Overall, we achieved breakthrough growth. Growth is expected to continue in Q4. Although Q4 consumer electronics delivery is weak compared to Q3, it will be driven by more industry demand.
AIoT chip platform-based layout, rapid introduction of RK3576, RK2118, and RV1103B, and new products continue to grow. The company's flagship product, RK3588, is expected to grow rapidly over the full year of '24; new products such as RK3576, RK2118, and RV1103B were successfully introduced in 24H2, and in the process of rapid launch; classic old products such as the RK356X series also maintained effective growth. Looking at the downstream as a whole, consumer electronics, automobiles, security, operators, industry, etc. showed good growth in Q3.
Catalysts: Q4 industry demand is high; the penetration rate of AIoT product lines is accelerating.
Risk warning: The downstream recovery falls short of expectations; the competitive landscape of the industry deteriorates.
