Chipown(SH:688508) Guoxin Securities·2025-04-01 09:16Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is expected to achieve a revenue of 965 million yuan in 2024, representing a year-on-year growth of 23.61%, with a net profit of 111 million yuan, reflecting an increase of 87.18% [1] - The company plans to launch over 100 new products in 2024, expanding its product lines and applications in downstream industries [3] - The shift in business model towards Fablite is underway, with over 60% of wafers adopting COT or semi-custom cooperation processes [3] Financial Performance - In 2024, the company reported a revenue of 965 million yuan, with a gross profit margin of 36.75%, down 1.2 percentage points from the previous year [1] - The fourth quarter of 2024 saw a revenue of 257 million yuan, marking a quarterly high and a year-on-year increase of 28.41% [1] - The company’s R&D expenses grew by 7% to 226 million yuan, with an R&D expense ratio of 23.44% [1] Product Line Performance - Revenue from home appliance chips reached 621 million yuan in 2024, accounting for 64% of total revenue, with a gross margin increase of 0.3 percentage points to 38.65% [2] - Standard power chips generated 174 million yuan in revenue, representing a year-on-year growth of 19.08%, but with a gross margin decrease of 2.6 percentage points to 24.12% [2] - Industrial control power chips had a revenue of 165 million yuan, with a year-on-year growth of 14.32% and a gross margin decrease of 4.7 percentage points to 44.36% [2] Future Projections - The company’s projected net profits for 2025 and 2026 are 147 million yuan and 196 million yuan, respectively, with an expected net profit of 229 million yuan in 2027 [4] - The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 44x, 34x, and 29x, respectively [4] - Revenue is expected to grow to 1.182 billion yuan in 2025, with a growth rate of 22.6% [5]