Nexchip Semiconductor Corporation(SH:688249) Huaan Securities·2024-08-19 02:40Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [1]. Core Insights - The company is positioned as a leading foundry for display driver chips in China, ranking third in the domestic wafer foundry market. Future growth is expected to be driven by OLED driver chips, accelerated domestic production of CIS, automotive semiconductors, and AR/VR applications [4][22]. - The company has a strong focus on R&D, continuously investing in core technologies and maintaining a rich pipeline of ongoing projects that lay a solid foundation for future development [4][22]. - Financial projections indicate significant revenue growth, with expected revenues of 100.78 billion in 2024, 129.57 billion in 2025, and 152.04 billion in 2026, reflecting a compound annual growth rate (CAGR) of 39.1% from 2023 to 2024 [2][3]. Summary by Sections Financial Performance - The company reported a revenue of 7244 million in 2023, with projections of 10078 million in 2024, 12957 million in 2025, and 15204 million in 2026, indicating a growth rate of 39.1% for 2024 [2][3]. - The net profit attributable to shareholders is projected to increase from 212 million in 2023 to 583 million in 2024, and further to 961 million in 2025 [3]. Market Position - The company maintains a solid market position in the foundry sector, particularly in the production of OLED and CIS chips, which are expected to see increased demand in the coming years [4][22]. - The report highlights the company's competitive edge in the semiconductor industry, particularly in the context of the growing demand for advanced display technologies [4][22]. R&D and Innovation - The company is committed to R&D, with a focus on developing new technologies and enhancing existing product lines, which is crucial for maintaining its competitive advantage in the rapidly evolving semiconductor market [4][22]. - The report emphasizes the importance of ongoing R&D investments in sustaining long-term growth and innovation [4][22].