东芯股份：营收同环比持续增长，砺算首代GPU已流片

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a revenue of approximately 637 million yuan in 2024, representing a year-on-year growth of about 20.06%, and a narrowed net loss of 195 to 155 million yuan, reducing losses by 36.33% to 49.39% [1] - In Q4, the company anticipates a revenue of 190 million yuan, a year-on-year increase of 19.16% and a quarter-on-quarter increase of 5.15%, with a net loss of 65 to 25 million yuan, reflecting a significant reduction in losses by 59.57% to 84.58% [2] - The growth in revenue is primarily driven by increased sales volume, supported by a recovery in downstream markets such as network communication and consumer electronics, along with a decrease in asset impairment losses [2] - The rapid development of AI terminals is expected to accelerate the demand for niche storage, benefiting the company as it focuses on small-capacity storage chips [3] - The company is expanding into automotive electronics and enhancing its SLC NAND FLASH technology, aiming for integrated solutions in storage, computing, and connectivity [3] Summary by Sections Revenue and Profit Forecast - The company forecasts revenues of 637 million yuan in 2024, 949 million yuan in 2025, and 1.351 billion yuan in 2026, with corresponding net profits of -175 million yuan, 28 million yuan, and 184 million yuan respectively [6] - The expected EPS for 2024, 2025, and 2026 are -0.40 yuan, 0.06 yuan, and 0.42 yuan, with PE ratios of 393.20 and 60.10 for 2025 and 2026 [4][6] Market Position and Strategy - The company is positioned to benefit from the ongoing domestic substitution trend and aims to increase market share through product advantages [4] - The investment in Shanghai Lishan Technology Co., Ltd. is aimed at developing multi-layer graphics rendering chips, with the first generation of chips entering the tape-out phase [3] Financial Metrics - The company reported a significant drop in revenue in 2023, with a 53.7% decline, but is expected to rebound with a 20.1% growth in 2024 [6] - The gross margin is projected to improve from 11.9% in 2023 to 39.7% in 2026, indicating a recovery in profitability [13]