Goke(300672) 光大证券·2024-09-09 23:40Investment Rating - The report maintains a "Buy" rating for the company, citing its focus on high-barrier, high-demand areas such as AI and automotive-grade chips, along with increased R&D investment and a rising proportion of self-developed products [2] Core Views - The company has reduced low-margin businesses, leading to a decline in overall revenue but an improvement in gross margin, which increased by 7.53 percentage points to 17.64% in H1 2024 [1] - R&D expenses reached 248 million yuan in H1 2024, with an R&D expense ratio of 29.1%, up 16.7 percentage points from 12.4% in 2023 [1] - The company is advancing new products in AI, automotive, and WiFi sectors, with its first automotive-grade smart chip passing AEC-Q100 certification in 2023 and five products compatible with HarmonyOS 4.0 ecosystem by mid-2024 [1] - The company's Wi-Fi6 2T2R wireless LAN chip, featuring a self-developed RF system architecture, supports up to 80MHz bandwidth and 1024QAM modulation, achieving a maximum transmission rate of 1.2 Gbps, positioning it as a leader in the domestic market [1] Financial Performance - In H1 2024, the company reported revenue of 851 million yuan, a year-on-year decrease of 66.51%, and net profit attributable to shareholders of 27 million yuan, down 70.36% year-on-year [1] - Q2 2024 revenue was 508 million yuan, down 37.84% year-on-year but up 48.36% quarter-on-quarter, with a net loss of 14 million yuan attributable to shareholders [1] - The company's 2024-2026 net profit forecasts have been revised down by 83.15% and 83.17% for 2024 and 2025, respectively, with new 2026 forecasts of 90 million, 117 million, and 138 million yuan [2] - The current market capitalization corresponds to a PE ratio of 106/81/69 times for 2024-2026 [2] Product and Market Development - The company has developed a comprehensive product line in ultra-high-definition smart display, covering satellite, cable, terrestrial, IPTV/OTT, TV, and commercial display sectors [1] - It is actively expanding its automotive-grade chip portfolio and edge AI industry solutions, leveraging its expertise in SoC chip design, video codec technology, and NPU technology [1] Valuation and Market Data - The company's current stock price is 44.02 yuan, with a total market capitalization of 9.559 billion yuan and a total share capital of 217 million shares [4] - Over the past year, the stock price has ranged from a low of 36.07 yuan to a high of 75.63 yuan, with a 3-month turnover rate of 220.19% [4]