晶晨股份：Ai赋能通用主控SoC

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 4.64 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 20.28%, while the net profit attributable to shareholders reached 594 million yuan, up 89.26% year-on-year [2] - The T-series chips continue to gain significant market share and customer adoption, with growth rates exceeding the overall TV market growth [2] - The company's 6nm chip, the first in the industry to integrate 4K and AI capabilities, shows substantial performance improvements, with CPU performance up over 60% and GPU performance up over 230% compared to previous generations [2] - The company is expanding its product lines and enhancing AI capabilities, which are expected to improve user satisfaction and reduce operational costs for carriers [2] Financial Summary - Revenue is projected to grow from 5.37 billion yuan in 2023 to 6.41 billion yuan in 2024, with a growth rate of 19.35% [3][5] - The net profit attributable to shareholders is expected to increase from 498 million yuan in 2023 to 851 million yuan in 2024, reflecting a growth rate of 70.83% [3][5] - The earnings per share (EPS) is forecasted to rise from 1.19 yuan in 2023 to 2.03 yuan in 2024 [3][5] - The company maintains a low debt-to-asset ratio of 13.6% [1]