Lontium(688486) 平安证券·2025-03-01 13:35Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company achieved record high revenue and profit in Q4 2024, with revenue reaching 466 million yuan, a year-on-year increase of 44.21%, and net profit of 144 million yuan, up 40.62% year-on-year [4][7]. - The semiconductor industry is showing signs of recovery, with increased demand from downstream customers, leading to enhanced product upgrades and R&D efforts [7][10]. - The company is focusing on expanding its product matrix and increasing R&D investment in automotive electronics, with successful launches of various new chips [10][8]. Financial Performance Summary - Revenue for 2024 is projected at 466 million yuan, with a growth rate of 44.21% year-on-year, and net profit is expected to be 144 million yuan, reflecting a 40.62% increase [4][11]. - The gross margin for 2024 is 55.48%, an increase of 1.48 percentage points year-on-year, while the net margin is 30.99%, a slight decrease of 0.79 percentage points year-on-year [7][12]. - The company plans to distribute a cash dividend of 7.00 yuan per 10 shares and increase capital reserves by issuing 3 additional shares for every 10 shares held [4]. Revenue and Profit Forecast - Revenue is expected to grow to 710 million yuan in 2025, 1.047 billion yuan in 2026, and 1.483 billion yuan in 2027, with respective growth rates of 52.4%, 47.4%, and 41.7% [6][11]. - Net profit is projected to reach 223 million yuan in 2025, 332 million yuan in 2026, and 477 million yuan in 2027, with growth rates of 54.7%, 48.5%, and 44.0% respectively [6][11]. Product Development and Market Expansion - The company has successfully launched a series of high-performance chips for automotive applications, including video bridge and processing chips, which have been adopted by several well-known automotive manufacturers [8][10]. - The automotive chip and system solutions division was established to focus on various automotive electronic applications, enhancing the company's market share in this sector [10][8].