龙迅股份(688486)：车载SERDES放量在即 “小而美”扬帆远航

Core Viewpoint - The company expects revenue for Longxin Co., Ltd. to reach 705 million, 1.119 billion, and 1.450 billion yuan in 2025, 2026, and 2027 respectively, with net profit attributable to shareholders of 209 million, 348 million, and 434 million yuan for the same years. A comparable company valuation method gives Longxin a 2025 PE ratio of 65, corresponding to a target market value of 13.554 billion yuan, maintaining a "buy" rating [1] Automotive Business - The company's automotive SerDes is set for significant market release, with rapid growth in automotive bridging chip business. By 2025, the market size for automotive SerDes in mainland China is expected to reach 1.088 billion USD, with a per vehicle value of 44.35 USD. Currently, the market is dominated by foreign manufacturers like ADI and TI, with few domestic companies generating substantial revenue. Longxin's automotive SerDes chipsets are entering full market promotion, with mass production expected in electric two-wheeled vehicle dashboards and industrial welding 3D cameras [2] - The company's bridging chips have seen a notable increase in market share in 2024 for applications in head-up displays and in-car infotainment systems. Solutions for bridging video signals between ADASSOC modules and cockpit domain control SoCs have begun mass shipments in hybrid and fuel vehicles. By the end of Q3 2024, automotive electronics revenue accounted for approximately 20% of total revenue, and the establishment of the automotive division on December 24, 2024, positions Longxin for significant growth in the automotive sector [2] HD Bridging Chips - The market for HD bridging chips is being driven upward by sectors such as AR/VR, education, video conferencing, and commercial displays. According to CINNO Research, the global and mainland China market sizes were 2.238 billion and 881 million yuan in 2020, respectively, and are expected to reach 5.574 billion and 2.413 billion yuan by 2025, with a CAGR of approximately 20.02% and 22.33% from 2020 to 2025. In 2020, Longxin held a 4.2% global market share, ranking 6th, and is well-positioned among domestic manufacturers to benefit from the growing demand for HD bridging chips [3]