Actions(SH:688049) Minsheng Securities·2024-08-27 01:23Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company achieved a revenue of 280 million yuan in the first half of 2024, representing a year-on-year growth of 27.90%. The net profit attributable to shareholders was 41 million yuan, up 65.73% year-on-year [2]. - The company has successfully developed a three-core heterogeneous architecture for AI processors, focusing on low-power, high-performance applications. This architecture will be applied in various products, including high-end audio SoC chips and edge AI processors [2]. - The penetration rate among top clients is increasing, with significant partnerships established with major brands such as Sony, Xiaomi, and Amazon [2]. Financial Performance Summary - The company forecasts revenues of 667 million yuan, 829 million yuan, and 1,027 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 28.2%, 24.3%, and 23.9% [3][5]. - The net profit attributable to shareholders is projected to be 92 million yuan, 119 million yuan, and 149 million yuan for the same years, with growth rates of 42.1%, 29.1%, and 25.2% [3][5]. - The company's PE ratios for 2024, 2025, and 2026 are expected to be 34, 26, and 21, respectively [3][5].