Lontium(688486) 山西证券·2025-03-07 08:23Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company achieved a revenue of 466 million yuan in 2024, representing a year-on-year growth of 44.21%, and a net profit of 144 million yuan, up 40.62% [1][3] - The company has significantly increased its market share in the automotive chip sector and is focusing on high-definition display and automotive electronics [4][9] - The company plans to expand its product matrix and enhance R&D investments to support new product development [5][9] Financial Performance - In Q4 2024, the company reported a revenue of 132 million yuan, a 31.04% increase year-on-year, and a net profit of 50 million yuan, up 56.21% [1][3] - The overall gross margin for 2024 was 55.48%, an increase of 1.48 percentage points, while the expense ratio decreased by 3.81 percentage points to 29.90% [3][4] - The company’s R&D expenses reached 100 million yuan, accounting for 21.45% of revenue, reflecting a 34.14% increase [3][4] Product Development and Market Position - The company’s revenue from video bridge and processing chips was 426 million yuan, accounting for 91.42% of total revenue, with a growth of 43.35% [4] - The company has established a dedicated automotive chip division to focus on automotive entertainment systems and advanced driver-assistance systems (ADAS) [4][9] - The company has successfully launched several automotive chips that have passed AEC-Q100 testing and are now in mass production for various well-known automotive brands [4][9] Future Projections - Revenue projections for 2025-2027 are 708 million yuan, 1.046 billion yuan, and 1.516 billion yuan, respectively, with net profits expected to be 203 million yuan, 294 million yuan, and 414 million yuan [9][11] - The report anticipates a steady increase in earnings per share (EPS) from 1.98 yuan in 2025 to 4.05 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 61.0X to 29.9X [9][11]