Goke(300672) 华鑫证券·2025-02-18 16:19Investment 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 mid-to-high-end chip development, aiming for domestic substitution in the wireless local area network (WLAN) chip market, with successful product launches in various sectors including TV and automotive [5]. - The company is expanding into edge computing scenarios, launching low-power, high-performance chip products for applications in smart displays, IoT, and edge AI, while also enhancing its research and development efforts [6]. Financial Summary - The company is projected to achieve revenues of 1.912 billion, 2.335 billion, and 2.804 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding earnings per share (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]. - The company’s net profit is forecasted to decline slightly in 2024 but is expected to rebound significantly in the following years, reaching 167 million yuan by 2026 [10].