VeriSilicon(688521) 民生证券·2024-11-02 03:09Investment Rating - Maintain "Recommend" rating [1][3] Core Views - Revenue growth is steady, with continued R&D investment [1] - The semiconductor industry is gradually recovering, and performance continues to improve [1] - The company is expanding its global R&D layout and advancing AI applications [1] - Collaborating with international giants, covering diverse markets [1] - Adjusted earnings forecast for 2024/2025/2026, with expected net profit of -376/2/177 million yuan respectively [1] Financial Performance - 2024 Q3 revenue: 718 million yuan, up 23.60% YoY and 16.96% QoQ [1] - 2024 Q3 net profit: -111 million yuan, mainly due to increased R&D expenses [1] - 2024 Q3 gross margin: 40.07%, up 5.28 percentage points YoY [1] - 2024 Q1-Q3 revenue: 1.65 billion yuan, down 6.50% YoY [1] - 2024 Q1-Q3 net profit: -396 million yuan [1] R&D and Technology - Established seven R&D centers in China and the US [1] - Key R&D projects include high-performance GPU, video processor, and neural network processor technologies [1] - GPU technology supports 1632TFLOPs FP32 computing power and 1281536Texel/cycle texture processing [1] - Video processor technology focuses on next-generation video codec architecture [1] - Neural network processor technology supports PyTorch and TensorFlow for AI applications [1] Market and Clients - Serves leading companies such as Samsung, Google, Amazon, Microsoft, Baidu, Tencent, and Alibaba [1] - Unique business model enables flexible services for diverse client groups [1] - Strong potential for market expansion due to advanced chip customization and IP portfolio [1] Financial Forecasts - 2024/2025/2026 revenue forecast: 2,433/3,170/4,014 million yuan [2][4] - 2024/2025/2026 net profit forecast: -376/2/177 million yuan [2][4] - 2024/2025/2026 PS ratio: 8.2/6.3/5.0 [1][4] - 2024/2025/2026 EPS: -0.75/0.00/0.35 yuan [2][4] Key Financial Metrics - 2024E gross margin: 43.62% [4] - 2024E net profit margin: -15.47% [4] - 2024E ROA: -8.62% [4] - 2024E ROE: -16.19% [4] - 2024E current ratio: 2.70 [4] - 2024E quick ratio: 2.17 [4]