Rockchip(SH:603893) KAIYUAN SECURITIES·2024-10-12 14:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance forecast for the first three quarters of 2024 is expected to grow by +48.50%, with projected net profit attributable to shareholders ranging from 340 to 360 million yuan, and non-recurring net profit expected between 330 to 350 million yuan. The revenue for Q3 2024 is anticipated to reach 911 million yuan, representing a year-on-year increase of +51.42% and a quarter-on-quarter increase of +29.18% [1] - The growth is driven by the demand for AIoT products, supported by the company's advantages in AIoT chip matrix layout and technology in AI algorithms. New products such as RK3576, RK2118, and RV1103B are successfully being introduced to leading customers in various downstream sectors [1] - The company has adjusted its profit forecasts for 2024-2026, now estimating net profits of 548 million, 855 million, and 1.25 billion yuan respectively, with corresponding P/E ratios of 51.9, 33.3, and 22.8 times [1] Financial Summary - For 2024, the company expects revenue of 3.273 billion yuan, a year-on-year increase of +53.3%. The net profit attributable to shareholders is projected at 548 million yuan, reflecting a significant year-on-year growth of +306.1% [4] - The gross margin is expected to be 36.1% in 2024, with a net margin of 16.7% and a return on equity (ROE) of 15.5% [4][8] - The company's total assets are projected to reach 4.282 billion yuan by 2024, with total liabilities of 757 million yuan, indicating a healthy balance sheet [7][8]