Lontium(688486) 中银国际·2025-04-02 02:45Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1][6]. Core Views - The company has shown significant growth in revenue and net profit for 2024, driven by the launch of several high-frequency, high-resolution bridge chip products and accelerated development in automotive electronics [4][9]. - The company is actively expanding into high-performance computing (HPC) and high-speed communication chip sectors, indicating a positive operational outlook [4][9]. Financial Summary - The company’s revenue for 2024 is projected to be RMB 466 million, representing a year-on-year growth of 44.2%. The net profit attributable to the parent company is expected to reach RMB 144 million, a 40.6% increase [8][9]. - The company’s earnings per share (EPS) for 2025 is estimated at RMB 2.04, with a corresponding price-to-earnings (P/E) ratio of 55.5 [6][8]. - The company’s EBITDA for 2024 is projected at RMB 133 million, with a growth rate of 61.9% [10]. Product Development and Market Position - The company has launched multiple new products in 2024, including high-resolution chips that support 4K@144Hz resolution and various automotive applications [9]. - The automotive chip and system solutions division was established at the end of 2024, aiming to enhance the company’s position in the automotive SerDes market [9]. Growth Drivers - The semiconductor industry recovery has led to increased demand from downstream customers, contributing to the company's strong revenue growth [9]. - The company’s R&D expenses have increased significantly, reaching nearly RMB 100 million in 2024, which is 21.5% of its revenue, indicating a strong commitment to innovation [9].