ASR(688220) 第一上海证券·2025-02-24 07:38Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Viewpoints - The company, Aojie Technology, is positioned to benefit from the new wave of hardware prosperity driven by AI applications, particularly in the chip business [5][19]. - The company has established a comprehensive product matrix covering cellular communication chips (2G to 5G), non-cellular communication chips, and high-performance SoC chips, which are expected to penetrate various industries alongside the growth of AI applications [7][12]. Company Overview - Aojie Technology operates in the semiconductor industry, focusing on wireless communication chips, mobile SoC chips, and customized ASIC chip services [4]. - The company has a market capitalization of 35.17 billion RMB and a stock price of 84.08 RMB, with a 52-week high of 86.8 RMB and a low of 28.7 RMB [4]. Product and Technology Development - The company has completed the layout of cellular baseband chips, smartphone SoC chips, and non-cellular communication chips, positioning itself to benefit from the AI-driven demand for customized chips [5][12]. - The company’s cellular baseband technology is its core competency, covering all mainstream standards from 2G to 5G, and it has achieved a global market share of 1st place in the Cat.1 category in 2023 [13]. Financial Performance and Projections - The company reported revenues of 2,140 million RMB in 2022, with projections of 2,600 million RMB for 2023, 3,450 million RMB for 2024, and 4,469 million RMB for 2025, reflecting a compound annual growth rate [23]. - The net profit is projected to improve from a loss of 619 million RMB in 2023 to a profit of 109 million RMB by 2026 [23]. Shareholder Structure - The largest shareholder is Alibaba, holding 15.43% of the company, while the founder and chairman, Dai Baojia, controls a total of 21.93% of the shares through various platforms [8][11].