Rockchip(603893) EBSCN·2025-03-10 03:44Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Views - The company is expected to achieve a revenue of 3.1-3.15 billion yuan in 2024, representing a year-on-year growth of 45.23%-47.57% [1] - The forecasted net profit attributable to shareholders is projected to be between 550-630 million yuan, indicating a significant year-on-year increase of 307.75%-367.06% [1] - The company is leveraging its AIoT chip "Yuanxing Fangzhen" product layout to enhance its market share across various sectors, particularly in automotive electronics, machine vision, and industrial applications [1][2] Revenue and Profit Forecast - The company is expected to achieve a net profit of 592 million yuan in 2024, with projections of 790 million yuan in 2025 and 966 million yuan in 2026, reflecting substantial growth rates of 339.06% and 33.40% respectively [3][4] - Revenue growth rates are forecasted at 45.79% for 2024, 35.77% for 2025, and 23.13% for 2026 [4] Product Development and Market Position - The company has introduced new AIoT products that benefit from the industrialization wave of AI, with chips supporting model deployment for various applications [2] - In the automotive electronics sector, the company has launched multiple projects, including the RK3588M chip for smart cockpits and RK2118M for in-car audio systems, which have been adopted by leading automotive manufacturers [3] Financial Metrics - The company’s revenue is projected to grow from 2.03 billion yuan in 2022 to 5.2 billion yuan in 2026, with a corresponding increase in net profit from 297 million yuan to 966 million yuan over the same period [4][9] - The report highlights an improvement in profitability metrics, with a forecasted gross margin of 40% in 2024 and a return on equity (ROE) of 16.51% [11]