Loongson Technology(SH:688047) Tebon Securities·2024-08-01 10:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has successfully completed preliminary testing of its 3C6000 chip, which is expected to accelerate domestic substitution in the semiconductor industry [5] - The 3C6000 chip is designed to meet mainstream server CPU performance levels and is anticipated to contribute positively to the company's transformation [5] - The company is also making progress in desktop CPUs and GPUs, aiming to create a "trinity" solution that enhances its market competitiveness [5][6] - The report forecasts significant revenue growth for the company, with projected revenues of 760 million, 1.12 billion, and 1.45 billion yuan for 2024, 2025, and 2026 respectively [6][9] Summary by Sections Market Performance - The company has shown a 12.48% absolute increase and a 14.18% relative increase over the past month compared to the CSI 300 index [4] Financial Data and Forecast - The company’s total revenue for 2023 is reported at 506 million yuan, with projections of 763 million yuan for 2024, 1.12 billion yuan for 2025, and 1.45 billion yuan for 2026 [9] - The gross margin is expected to improve from 36.1% in 2023 to 48.1% by 2026 [9] - The net profit is projected to turn positive by 2026, with estimates of -329 million yuan for 2023, -48 million yuan for 2024, 58 million yuan for 2025, and 139 million yuan for 2026 [9] Product Development - The 3C6000 chip integrates 16 LA664 processor cores and supports multi-threading, positioning it competitively in the server market [5] - The company is also advancing its desktop CPU, the 3A6000, which matches the performance of Intel's 10th generation Core processors [5] - The GPU segment is set to launch the 2K3000, which will utilize the LG200 architecture, enhancing capabilities in graphics and AI acceleration [5] Strategic Focus - The company is shifting its focus from product development to market sales, aiming to increase product recognition and competitiveness [6] - It is pursuing both policy-driven and open market strategies to diversify its revenue sources [6]