ASR(688220) 第一上海证券·2025-02-24 08:15Investment Rating - The report assigns a positive investment rating to the company, highlighting its potential to benefit from the AI-driven hardware boom and the increasing demand for customized chips [5][18]. Core Insights - The company, Aojie Technology, is positioned to capitalize on the new wave of hardware prosperity driven by AI applications, particularly in the semiconductor industry [3][5]. - The company has established a comprehensive product matrix covering cellular communication chips from 2G to 5G, non-cellular communication chips, and high-performance SoC chips, which are expected to penetrate various industries as AI applications proliferate [7][12]. Company Overview - Aojie Technology specializes in wireless communication chips, mobile SoC chips, and customized ASIC chip services, with a market capitalization of 35.17 billion RMB and a stock price of 84.08 RMB [4]. - The company has a strong focus on R&D and technological innovation in wireless communication chips, with products widely used in consumer electronics and IoT markets [4][12]. Product Development - The company has completed the full layout of cellular baseband chips, smartphone SoC chips, and non-cellular communication chips, positioning itself to benefit from the upcoming boom in AI applications [5][7]. - The company’s Cat.1 series products have achieved a global market share of 1 in the Cat.1 category in 2023, showcasing its competitive edge in the market [13]. Financial Performance - The company’s revenue is projected to grow from 2,140 million RMB in 2022 to 6,031 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 35% [23]. - Despite reporting a net loss in recent years, the company is expected to turn profitable by 2026, with a projected net profit of 109 million RMB [23]. Market Trends - The demand for customized chips is expected to surge as AI applications become more prevalent, with major tech companies increasingly adopting ASIC chips to meet their AI computing needs [20][21]. - The report notes that the data center custom chip market is anticipated to grow from 6.6 billion USD in 2023 to 42.9 billion USD by 2028, indicating a significant opportunity for the company [21].