Goke(300672) 华鑫证券·2025-02-18 12:23Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Insights - The company has optimized its business structure, resulting in a significant quarter-on-quarter increase in gross margin by 20.25 percentage points, despite a year-on-year revenue decline of 62.32% in the first three quarters of 2024 [4]. - The company is focusing on high-end chip development while promoting domestic alternatives, particularly in the Wi-Fi 6 chip market, which has been successfully integrated into mainstream domestic products [5]. - The company is expanding into edge computing scenarios and various fields, including ultra-high-definition smart displays and IoT, with a commitment to self-research and development [6]. Financial Performance - The company reported revenues of 1.202 billion yuan in the first three quarters of 2024, with a net profit of 70 million yuan, reflecting a year-on-year decline [4]. - Revenue forecasts for 2024, 2025, and 2026 are projected at 1.912 billion, 2.335 billion, and 2.804 billion yuan, respectively, with corresponding EPS of 0.41, 0.58, and 0.77 yuan [8]. - The gross margin is expected to improve from 12.4% in 2023 to 19.3% in 2025, indicating a positive trend in profitability [11]. Market Positioning - The company is actively developing a range of chip products across different segments, including Wi-Fi and Bluetooth integration, and is exploring new business areas such as satellite communication chips [5]. - The company aims to cover a wide range of computing power with its self-developed NPU architecture, targeting the growing demand in the AI era [6].