营收同比稳健增长，短期业绩承压。公司前三季度营收水平同比大幅增长，公司积极拓展各产品线业务，出货量提升带动营业收入同比增长。受较高水平研发投入及产品结构变化导致毛利率环比下滑影响，公司业绩短期承压。公司前三季度投入研发费用4.04 亿元，同比增长8.49%，其中Q3 投入研发费用1.4 亿元，公司加大了在芯片新产品开发及智能车载、扫地机器人等新兴应用领域方案的研发投入，以满足客户持续增长的产品及服务需求。Incidents:
In the first three quarters of 2024, the company achieved operating income of 1.685 billion yuan, a year-on-year increase of 50.36%; net profit to mother 0.151 billion yuan, up 834.56% year on year; net profit after deducting non-return to mother 0.109 billion yuan, an increase of 358.23% year on year. Among them, in the third quarter, the company achieved operating income of 0.623 billion yuan, up 39.83% year on year, down 4.68% month on month; net profit to mother was 0.032 billion yuan, up 994.82% year on year, down 54.38% month on month.
Comment:
Revenue grew steadily year over year, and short-term results were under pressure. The company's revenue level increased sharply year-on-year in the first three quarters. The company actively expanded various product line businesses, and increased shipment volume led to a year-on-year increase in revenue. Due to the month-on-month decline in gross margin due to higher levels of R&D investment and changes in product structure, the company's performance was under pressure in the short term. The company invested 0.404 billion yuan in R&D in the first three quarters, an increase of 8.49% over the previous year. Of these, Q3 invested 0.14 billion yuan in R&D expenses. The company increased R&D investment in new chip product development and solutions in emerging application fields such as intelligent vehicles and sweeping robots to meet the growing demand for products and services from customers.
Keep up with the trend of AI intelligence and accelerate the launch of new products. As the world's leading SoC solution provider, the company has long been committed to providing diversified technical support and solutions in the AIoT field.
1) In the field of intelligent industry, the 8-core AI robot chip MR527, the T536 for intelligent industrial applications, and the MR536 for visual AI sweeper robots have been launched, and samples have been delivered to leading customers in the industry; 2) In the smart car sector, AR-HUD and smart laser headlight modules have been mass-produced on a large scale by leading domestic car companies, and the product solution based on the T527V, an eight-core heterogeneous general computing platform with a vehicle-grade 8-core heterogeneous general computing platform, has made progress in the front and rear vehicle markets; 3) In the field of smart terminals, the A523/A527 series high-performance eight-core computing platform for tablets has been launched. The platform, as well as the H713 series of smart screen chips used in intelligent projection; based on the H713 series of smart screen chips, the company has deeply optimized and adjusted the characteristics of single-chip LCD optical machines, improving the image quality experience of smart projection products and establishing its position as a mainstream intelligent projection master control chip supplier; 4) In terms of process technology, it has achieved comprehensive switching of the 22nm process and 12nm flow film, and has developed AI-ISP noise reduction, intelligent coding, super resolution algorithms, etc. in terms of AI algorithms.
Profit forecast and investment rating: We expect the company to achieve net profit to mother of RMB 0.225/0.329/0.437 billion in 2024/2025/2026, respectively, corresponding PE of 107/73/55 times, respectively. This is the first coverage, giving it an “increase in wealth” rating.
Risk warning: downstream demand falls short of expectations, industry competition intensifies, raw material prices fluctuate
