C*Core Technology(688262) 国信证券·2025-02-09 14:35Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][27] Core Views - The company is expected to achieve a historical high revenue of 577 million yuan in 2024, representing a year-on-year increase of 28.42%. The net profit attributable to the parent company is projected to be -177 million yuan, an increase of 843.26 million yuan compared to the previous year [2][14] - The growth in revenue is primarily driven by the robust demand for automotive electronic MCU chips and the increase in revenue from customized chip mass production services [2][10] - The company has over 134 automotive electronic projects under development and has launched multiple new products to expand its product coverage [3][4] Summary by Sections Financial Performance - The company forecasts a revenue of 5.77 billion yuan for 2024, with expected growth rates of 28.4%, 65.4%, and 31.2% for the years 2024, 2025, and 2026, respectively [6][14] - The projected net profit for 2024 is -177 million yuan, with subsequent years expected to improve to -64 million yuan in 2025 and a positive 20 million yuan in 2026 [14][24] Product Development - The company has developed 12 product lines in the automotive electronics sector, with successful mass production in areas such as domain control, powertrain, and vehicle networking security [3][4] - New products include integrated automotive electronic control chips, which have successfully passed internal testing and are expected to contribute to revenue growth as they enter mass production [3][4] Research and Development - The company plans to increase its R&D expenses by 13.64% year-on-year, focusing on enhancing its product offerings in AI MCU and quantum security chips [2][4][10] - Strategic partnerships have been established to accelerate the application of AI MCU chips in various smart devices and sensors [4][10]