Ingenic(300223) 东方证券·2025-02-16 10:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 84.49 CNY based on a projected average PE of 71 for comparable companies in 2025 [3][6]. Core Views - The company is expected to experience a decline in earnings per share (EPS) for 2024, with projections of 0.90 CNY, followed by 1.19 CNY in 2025 and 1.38 CNY in 2026. This adjustment is primarily due to a downturn in industry conditions, leading to a downward revision of revenue forecasts across its main business segments [3][9]. - The company is actively expanding its three main product lines, focusing on the consumer market for computing chips, automotive applications for storage chips, and maintaining a competitive edge in analog interconnect products [8][9]. Financial Summary - Revenue is projected to decline from 4,531 million CNY in 2023 to 4,378 million CNY in 2024, before recovering to 5,185 million CNY in 2025 and reaching 6,136 million CNY in 2026, reflecting a growth rate of 18.4% in 2025 and 18.3% in 2026 [5][12]. - Operating profit is forecasted to decrease from 545 million CNY in 2023 to 472 million CNY in 2024, with a subsequent increase to 628 million CNY in 2025 and 736 million CNY in 2026 [5][12]. - The net profit attributable to the parent company is expected to decline to 434 million CNY in 2024, followed by a recovery to 572 million CNY in 2025 and 667 million CNY in 2026 [5][12]. - The gross margin is projected to stabilize around 37.5% to 37.9% from 2024 to 2026, while the net margin is expected to fluctuate between 9.9% and 11.0% during the same period [5][12].