BPSemi(688368) 国信证券·2025-03-16 06:10Investment Rating - The report maintains an "Outperform the Market" rating for the company [7] Core Insights - The company achieved a revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%, and turned a profit in Q4 2024 with a net profit of 21.25 million yuan [1][5] - The gross margin improved by 11.45 percentage points to 37.12% due to product structure optimization and cost reduction [1] - The company has entered the NVIDIA recommended supplier list, marking a significant milestone in its high-performance computing product line [3] Financial Performance - In Q4 2024, the company reported revenue of 416 million yuan, a year-on-year increase of 7.32% and a quarter-on-quarter increase of 17.63% [1] - The company's R&D expenses grew by 36.04% to 400 million yuan, with an R&D expense ratio of 26.58% [1] - The company expects net profits of 119 million yuan in 2025, 192 million yuan in 2026, and 257 million yuan in 2027, with corresponding P/E ratios of 71, 44, and 33 times [5][6] Product Line Performance - The revenue from LED lighting driver chips decreased by 7.82% to 869 million yuan, accounting for 58% of total revenue, while the gross margin increased by 10.04 percentage points to 31.40% [2] - The AC/DC power chip revenue increased by 39.64% to 273 million yuan, with a gross margin of 42.17% [2] - The revenue from motor control driver chips surged by 95.67% to 318 million yuan, with a gross margin of 45.17% [2] - High-performance computing power chip revenue reached 43.13 million yuan, a staggering increase of 1402%, with a gross margin of 61.19% [2] Technological Advancements - The company has upgraded its high-voltage BCD-700V process platform, achieving full-scale production of the fifth-generation high-voltage process and completing the R&D of the sixth-generation platform, which is expected to optimize costs by 20% [4] - The first-generation 0.18μm BCD process platform for high-performance computing power chips has been mass-produced, with the second generation in testing [4]