Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 1.248 billion yuan for 2024, a year-on-year increase of 2.57%, while the net loss expanded to 288.34 million yuan, a year-on-year increase of 47.78%, which was in line with expectations [7] - The self-developed domain controller revenue experienced rapid growth, with the iDC series products showing explosive growth, driven by orders from Chery Automobile [7] - The company completed a placement of 11.19 million shares, raising 228 million HKD, with 60% of the funds allocated for advanced driving research and development [7] - The company is optimistic about its long-term investment value due to the rapid growth cycle of its self-developed domain controllers and significant optimization in product and customer structure [7] Financial Summary - Total revenue forecast for 2024 is 1.248 billion yuan, with projections of 1.768 billion yuan for 2025 and 2.783 billion yuan for 2026, reflecting year-on-year growth rates of 41.70% and 57.42% respectively [1][8] - The net profit forecast for 2025 is a loss of 222.35 million yuan, improving to a profit of 140.11 million yuan by 2027 [1][8] - The company's R&D expenses reached 281 million yuan in 2024, accounting for 22.49% of total revenue, indicating a strong commitment to advancing autonomous driving technology [7]
知行科技（01274）：2024年业绩公告点评：自研域控爆发增长，地平线芯片域控亟待放量