汽车MCU 持续布局。公司不断突破汽车电子MCU 中高端产品的技术壁垒，积极通过“MCU+”策略拓展市场，逐步搭建出丰富的汽车电子产品矩阵，持续加速基础软件、工具链、方案商等汽车电子产业链生态圈构建，积极聚焦和整合资源，推进公司汽车电子芯片业务做大做强，目前公司已经在域控制芯片、辅助驾驶处理芯片、主动降噪专用DSP 芯片、动力总成控制芯片、新能源电池管理芯片、线控底盘芯片、车身和网关控制芯片、车联网安全芯片、仪表及小节点控制芯片、安全气囊芯片、数模混合信号类芯片和智能传感芯片等12 条产品线上实现系列化布局，公司的汽车电子芯片产品群已在比亚迪、奇瑞、吉利、上汽、上汽通用、上汽通用五菱、长安、长城、一汽、东风、北汽、小鹏、理想等众多汽车整机厂商实现批量应用，公司今年在传统的强势车身控制及动力总成应用业务之外，积极拓展域控、线控底盘、安全气囊和车联网信息安全等产品线的业务，取得可喜的进展。occurrences
On October 30, the company disclosed its report for the third quarter of 2024. The third quarter of 2024 achieved quarterly revenue of 0.208 billion yuan, an increase of 34.61% year-on-year.
Key investment points
Continuous layout of automotive MCUs. The company continues to break through technical barriers for high-end automotive electronics MCU products, actively expand the market through the “MCU+” strategy, gradually build a rich automotive electronics product matrix, continue to accelerate the construction of an automotive electronics industry chain ecosystem such as basic software, tool chains, solution providers, etc., and actively focus and integrate resources to promote the expansion and strengthening of the company's automotive electronic chip business. Currently, the company has domain control chips, driver-assisted driving processing chips, DSP chips for active noise reduction, powertrain control chips, new energy battery management chips, wire control chassis chips, body gateways and control chips, and vehicle networking Safety chips, instruments and small node control chips, airbag chips, digital-analog mixed signal chips, and intelligent sensing chips have achieved a serial layout. The company's automotive electronic chip product range has already been deployed in batches by BYD, Chery, Geely, SAIC GM, SAIC GM, Changan, Great Wall, FAW, Dongfeng, BAIC, Xiaopeng, Ideal, etc. This year, in addition to the traditional strong body control and powertrain application business, the company is actively expanding domain control, wire control chassis, airbags and airbags. The business of product lines such as networked information security, There has been encouraging progress.
Quantum security continues to advance. In the third quarter of 2024, the company achieved the “upgrade” of quantum security module products. It launched quantum security UKEY, quantum security PCI-E cryptographic cards, and quantum secure mini PCI-E cryptographic cards, which can be applied to scenarios such as PKI authentication, digital signatures, and data (real-time) encryption and decryption. It has broad application prospects in the fields of electricity, finance, transportation, education, medical care, etc., and the company's quantum security chip products have been supplied to the outside world. The company has now sold products to many domestic manufacturers in the field of quantum information security, including China Telecom Quantum and Hefei Silicon, etc., which is expected to become another powerful engine for the company's future information security business. The company has also reached strategic cooperation with many enterprises such as Turing Quantum, Guoke Quantum, and Zhijiang Quantum to jointly build a quantum security ecosystem and work together to promote the industrialization of quantum information security.
Investment advice
We expect the company to achieve revenue of 0.66/1/1.45 billion in 2024/2025/2026, and realized net profit of -0.16/0/0.04 billion yuan respectively, maintaining a “buy” rating.
Risk warning
Market competition risk; risk of declining performance or loss; risk of contract processing and concentration of suppliers; risk of core technology leakage and loss of excellent talent; risk of R&D failure; risk of industry risk; risk of changes in the international trade environment.
