搭载车规MCU 积极布局。车规级MCU 产品一直是公司重要产品布局，公司在2022 年三季度推出第一款车规级芯片以后，陆续有系列产品推出，目前已经有多款车规级产品在售，均是M0+内核产品，主要应用于车身控制；今年研发流片的M55 内核的产品，将应用于域控制领域。occurrences
In the first three quarters of 2024, the company achieved operating income of 0.649 billion yuan, an increase of 40.03% year on year; net profit to mother was 0.111 billion yuan, an increase of 1978.21% year on year.
Key investment points
Equipped with a vehicle-specific MCU, active layout. Automotive-grade MCU products have always been an important product layout for the company. Since the company launched the first automotive-grade chip in the third quarter of 2022, a series of automotive-grade products have been launched. Currently, many automotive-grade products are on sale, all of which are M0+ core products, which are mainly used in car body control; the M55 core products developed this year will be used in the field of domain control.
Continuous iteration of multiple products. Continuously improve product performance and quality, meet the performance requirements and quality requirements of more application scenarios, and promote product applications from the consumer electronics market to the industrial control and automotive electronics market. During the reporting period, the company's R&D focus was on meeting consumer electronics needs to meeting industrial control and automotive electronics requirements, and vigorously improving product performance indicators; at the same time, it insisted on conducting quality analysis meetings every half month, reviewing and summarizing the entire process of design, production, sales and service, improving product quality, improving service, and greatly improving customer satisfaction. The share of products among industry benchmark customers increased, and the share of high-end application fields such as industrial control and automotive electronics gradually increased.
Investment advice:
We expect the company's net profit to be 0.1/0.16/0.3 billion yuan in 2024-2026, maintaining an “incremental” rating.
Risk warning:
Product development and technological innovation fell short of expectations; industry competition increased risks; product promotion fell short of expectations.
