Allwinner Technology (SZ:300458) Minsheng Securities·2024-08-23 08:45Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company achieved a significant recovery in performance, with a revenue of 1.063 billion yuan for the first half of 2024, representing a year-on-year growth of 57.30%. The net profit attributable to shareholders was 119 million yuan, a turnaround from a loss of 17 million yuan in the same period last year [2]. - The semiconductor industry is experiencing a recovery, with increased demand in sectors such as smart automotive, industrial control, and robotics, which has positively impacted the company's performance. The company is focusing on high-performance chip products and SoC+ solutions to drive smart industry development [2]. - The company is actively innovating in AI and smart terminal markets, launching new products in various fields, including industrial applications and smart automotive systems, which are already in mass production [2]. - The company has established partnerships with major industry players, including Xiaomi, Tencent, and Alibaba, to enhance its product offerings and market presence [2]. Financial Summary - The company forecasts revenues of 2.377 billion yuan, 3.044 billion yuan, and 3.838 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 42.1%, 28.1%, and 26.1% [3][5]. - The net profit attributable to shareholders is projected to reach 259 million yuan, 364 million yuan, and 501 million yuan for the same years, reflecting growth rates of 1027.6%, 40.6%, and 37.6% [3][5]. - The company's PE ratio is expected to decrease from 53 in 2024 to 27 in 2026, indicating improving valuation metrics as earnings grow [3][5].