Chipsea(SH:688595) Bank of China Securities·2025-04-03 06:21Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has formed a product matrix in PC MCU and is consolidating its advantages in the HarmonyOS ecosystem through AIoT integration [3][8] - The company's revenue for 2024 is projected to be RMB 702 million, representing a year-on-year growth of 62.2% [7][8] - The net profit attributable to the parent company for 2024 is expected to be a loss of RMB 173 million, but this loss has narrowed by RMB 92 million compared to the previous year when excluding share-based payment impacts [8] Summary by Sections Stock Performance - The company's stock has shown an absolute increase of 20.8% year-to-date and 21.7% over the past 12 months [2] Financial Projections - Revenue projections for the upcoming years are as follows: - 2025: RMB 980 million (39.5% growth) - 2026: RMB 1,302 million (32.9% growth) - 2027: RMB 1,656 million (27.2% growth) [7][9] - The estimated EPS for 2025 is -0.73 RMB, with a gradual improvement expected by 2027 to 0.66 RMB [5][9] Business Performance - The MCU chip business revenue for 2024 is projected at RMB 326 million, a year-on-year increase of 68% [8] - The analog signal chain chip business is expected to see a revenue increase of 137% year-on-year, reaching RMB 181 million [8] - The AIoT chip business is projected to grow by 18% year-on-year, with revenue of RMB 182 million [8] Strategic Developments - The company is transitioning its MCU and ADC products towards high-end markets, with significant R&D investments [5][8] - The company has established a health big data cloud platform through its subsidiary, enhancing its position in the HarmonyOS ecosystem [8]