研报掘金丨中邮证券：维持晶晨股份“买入”评级，前三季度营收创下历史同期新高

Core Viewpoint - The report from Zhongyou Securities highlights that the continuous increase in AI penetration and the expansion of new product sales have significantly contributed to the revenue growth of Amlogic in the first three quarters, achieving a historical high for the same period [1] Financial Performance - Amlogic achieved a sales revenue of 5.071 billion yuan in the first three quarters, representing a year-on-year increase of 9.29% [1] - The net profit attributable to shareholders reached 698 million yuan, up 17.51% year-on-year; excluding share-based payment expenses, the net profit was 720 million yuan [1] - In Q3 alone, the company reported a revenue of 1.741 billion yuan, a year-on-year growth of 7.20%, but a quarter-on-quarter decrease of 3.33% due to rising storage chip prices and supply shortages [1] Market Dynamics - The revenue growth was partially impacted by delays in product deliveries to domestic telecom operators, although these orders are expected to be fulfilled in subsequent quarters [1] - The company has begun integrating the Chipmunk Micro R&D team to enhance its multi-dimensional communication technology stack and product matrix, expanding application scenarios from local area networks to wide area networks [1] Investment Rating - The report maintains a "Buy" rating for Amlogic, indicating positive sentiment towards the company's future performance [1]