Rockchip(603893) 华金证券·2025-01-02 23:44Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% in the stock price compared to the relevant market index over the next 6-12 months [4][15]. Core Views - The company has demonstrated a clear advantage with its "geese formation" strategy, continuously expanding its downstream market [10]. - The flagship chip, RK3588, is positioned as a leading product with strong performance and high versatility, driving the company's platform in various AIoT fields [10]. - The company has maintained high R&D investment over the past three years, launching multiple new products, and is capable of providing a diverse range of AIoT chips with performance levels from 0.2TOPs to 6TOPs [10]. - The report anticipates revenue growth for the company, projecting revenues of 3.052 billion yuan, 4.014 billion yuan, and 5.198 billion yuan for the years 2024, 2025, and 2026 respectively [11]. Financial Data and Valuation - The company's projected net profits for 2024, 2025, and 2026 are expected to be 520 million yuan, 782 million yuan, and 1.148 billion yuan respectively, with corresponding P/E ratios of 53.6, 35.6, and 24.2 [11][13]. - The total assets are projected to grow from 4.266 billion yuan in 2024 to 6.178 billion yuan in 2026, indicating a strong financial position [13]. - The report highlights a significant increase in gross margin and net profit margin, with expectations of 36.0% and 17.0% respectively for 2024 [11][13].