Actions(688049) 民生证券·2025-03-04 05:39Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company is experiencing steady revenue growth, with a projected annual revenue of 652 million yuan for 2024, representing a year-on-year increase of 25.34%. The net profit attributable to shareholders is expected to reach 106 million yuan, a growth of 62.90% year-on-year [1]. - The company is diversifying its product offerings, focusing on low-power AIoT chip design, particularly in high-end smart audio SoC chips. This strategy has led to increased penetration in international brand supply chains, enhancing long-term growth potential [2]. - Significant investment in R&D, amounting to approximately 215 million yuan in 2024, reflects the company's commitment to innovation and product matrix optimization, including the development of a new three-core heterogeneous architecture for AI audio chips [3]. Summary by Sections Financial Performance - For 2024, the company anticipates a revenue of 652 million yuan, with a growth rate of 25.34%. The net profit attributable to shareholders is projected at 106 million yuan, marking a 62.90% increase [5]. - The company expects to achieve a quarterly revenue of 185 million yuan in Q4 2024, which is a 28.71% increase year-on-year [1]. Product Development - The company has successfully developed a three-core heterogeneous architecture for AI audio chips, which includes products targeting low-latency private wireless audio, Bluetooth AI audio, and AI DSP applications [3]. - The company's product and customer structure is continuously improving, leading to rapid increases in gross and net profits, with Q4 2024 expected to see record high margins [2]. Market Strategy - The company is actively expanding its market presence by enhancing product penetration in leading audio brands and adapting to market demands through innovative sales strategies [2]. - The ongoing development of new AI processor products is anticipated to open up new market opportunities in the AI + audio sector, contributing to a second growth curve for the company [4].