Chipown(SH:688508) China Post Securities·2025-03-31 11:49Investment Rating - The report maintains a "Buy" rating for Chipown Microelectronics (688508) [4] Core Views - The company achieved a revenue of 965 million yuan in 2024, representing a year-on-year growth of 23.61%, and a net profit attributable to shareholders of 111 million yuan, with a significant increase of 87.18% [1][2] - The company focuses on the semiconductor energy sector, covering five key application areas: smart home appliances, power energy, smart terminals, industrial control, and AI computing, aiming to expand its market share among top customers [2] - Continuous investment in R&D is evident, with R&D expenses projected at 226 million yuan in 2024, accounting for 23.44% of revenue, and the launch of over 100 new products [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 965 million yuan, with a growth rate of 23.61%. The revenue from home appliance chips was 621 million yuan, up 28.73%, while standard power chips generated 174 million yuan, a 19.08% increase [2][6] - The net profit attributable to shareholders for 2024 was 111 million yuan, reflecting an 87.18% increase compared to the previous year [1][6] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.16 billion yuan, 1.45 billion yuan, and 1.82 billion yuan, respectively, with net profits expected to be 160 million yuan, 220 million yuan, and 290 million yuan [4][6] R&D and Product Development - The company is committed to expanding its product lines and applications in downstream industries, with significant breakthroughs in new technologies and products, including high-voltage isolation half-bridge chips and digital controllers [3] - The focus on new product design and development is expected to enhance the company's growth in emerging fields such as renewable energy, robotics, and AI computing [3]