Rockchip(603893) 国泰君安·2024-09-16 01:06Investment Rating - The report maintains a "Buy" rating for the company with a target price of 91.42 CNY [4][6]. Core Insights - The company's flagship chip continues to gain traction, with significant growth across various AIoT product lines. The AIoT chip platform strategy is showing sustained penetration [4]. - For the first half of 2024, the company achieved revenue of 1.249 billion CNY, a year-on-year increase of 46.44%, and a net profit attributable to shareholders of 183 million CNY, a year-on-year increase of 636.99% [4]. - The company is one of the few domestic players advancing into 8nm technology, justifying a valuation premium with a projected 2024 PE of 86 times, compared to an average of 55 times for comparable companies [4]. Financial Summary - Revenue for 2024 is projected to be 3.275 billion CNY, reflecting a growth of 53.4% from 2023 [5]. - The net profit attributable to shareholders is expected to reach 444 million CNY in 2024, a significant increase of 228.8% compared to 2023 [5]. - The earnings per share (EPS) forecast for 2024 is 1.06 CNY, with projections of 1.62 CNY and 2.16 CNY for 2025 and 2026, respectively [4][5]. Business Segments - The chip sales business generated revenue of 1.239 billion CNY in 2024H1, with the smart application processor chips contributing 1.105 billion CNY and mixed-signal chips contributing 112 million CNY [4]. - The automotive electronics segment has made significant progress, with increased market recognition for the RK3588M chip in smart cockpit applications [4]. - The company is expanding its product lines in various sectors, including machine vision, operator services, audio, and industrial applications, enhancing its AIoT platform capabilities [4].