第一创业：晨会纪要-20250118

Group 1: Chip Industry Insights - Chipong Micro is expected to achieve a revenue of 940 million to 980 million yuan in 2024, representing a year-on-year growth of 20.45% to 25.58%. The net profit attributable to the parent company is projected to be between 100 million to 120 million yuan, with a year-on-year increase of 68.13% to 101.76% [2] - The growth in performance is primarily driven by over 60% year-on-year revenue growth in high/low voltage driver chips, digital power chips, and smart power devices and modules. The company has over 1,700 effective product models, with major applications in home appliances and standard power supplies [2] - TSMC reported a revenue of $26.887 billion for Q4 2024, a 37% year-on-year increase, with a gross margin of 59%. The high growth in revenue and profit is attributed to the significant increase in the proportion of revenue from 3nm and 5nm advanced processes, driven mainly by AI-related high-performance computing applications [3] Group 2: Consumer Sector Insights - Zhongchong Co., as a leading player in the domestic pet food industry, is expected to see a net profit attributable to the parent company grow by 54% to 72% in 2024, with a median annual net profit of approximately 380 million yuan [6] - The growth is supported by the expansion of domestic and overseas sales channels and an increase in sales volume, with the overseas revenue exceeding domestic revenue by more than double [6] - Yizhi Konjac, listed on the Beijing Stock Exchange, has a unique competitive advantage in the konjac product sector, with konjac balls experiencing a remarkable growth rate of 61% in the first half of 2024, driven by increasing consumer demand for healthy beverages [8]