Anlogic(SH:688107) HUAXI Securities·2025-03-12 06:15Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the market [6][4][18]. Core Insights - The company experienced a temporary decline in performance in 2024, with revenue of 652 million yuan, a year-on-year decrease of 6.99%, and a net loss of 204 million yuan, which represents an expanded loss of 4.19% compared to the previous year. The decline in revenue is attributed to ongoing inventory destocking by end customers and a slower-than-expected recovery in downstream demand [1][2][4]. - Despite the challenges, the company demonstrated resilience compared to overseas competitors, with expectations for recovery in demand from sectors such as telecommunications, industrial control, and automotive in 2025. The report anticipates improvements in revenue and gross margin as inventory levels normalize and the share of the Phoenix product line increases [2][4]. - The company is actively launching new products, such as the Phoenix series high-performance PH1P, which targets various applications including embedded control and machine vision. Additionally, the company is enhancing its automotive-grade FPGA ecosystem to meet the demands of new energy and intelligent driving [3][4]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 652 million yuan, 818 million yuan, and 1.01 billion yuan, reflecting year-on-year changes of -7.0%, +25.7%, and +23.4% respectively. The net profit forecasts for the same years are -204 million yuan, -200 million yuan, and -167 million yuan [4][10][14]. - The report highlights that the company is positioned as a leading domestic FPGA provider, with an increasing market share and product adoption, particularly as downstream demand begins to recover [4][18]. Product and Market Position - The company has established itself as a leader in the domestic FPGA market, with a diverse product portfolio that includes the ELF, EAGLE, and PHOENIX series, catering to various applications in industrial control, network communication, and high-performance computing [13][14]. - The introduction of new products and enhancements to existing lines are expected to drive future growth, particularly in the automotive sector, where the company is developing high-performance FPGA devices compliant with automotive standards [3][4].