Rockchip(SH:603893) Haitong Securities·2024-09-20 04:12Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The AIoT sector is experiencing a recovery in market conditions, with new products expected to ramp up in the second half of the year. The company reported a revenue of 1.249 billion yuan for the first half of 2024, representing a year-on-year growth of 46.44%, and a net profit of 183 million yuan, showing a significant year-on-year increase of 636.99% [5] - The company is enhancing its AIoT chip platform layout and focusing on market promotion in key areas. It aims to provide a series of AIoT SoC chips for various scenarios, with a particular emphasis on machine vision and automotive electronics as core industries [5] - Earnings forecasts suggest that the company's EPS for 2024, 2025, and 2026 will be 0.92 yuan, 1.33 yuan, and 1.67 yuan per share, respectively. Based on comparable company valuation levels, a PS valuation range of 9-10 times is suggested for 2024, corresponding to a fair value range of 58.22-64.69 yuan [5] Financial Summary - The company's projected revenue for 2024 is 2.706 billion yuan, with a year-on-year growth of 26.8%. The net profit is expected to reach 383 million yuan, reflecting a year-on-year growth of 183.8% [6][8] - The gross margin is forecasted to be 35.2% in 2024, with a net asset return rate of 11.0% [6][8] - The company’s total assets are projected to be 4.038 billion yuan by 2024, with a debt-to-asset ratio of 14.1% [9]