AWINIC(688798) Huaan Securities·2025-04-11 05:49Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.93 billion yuan for 2024, representing a year-on-year growth of 15.9%, and a net profit attributable to shareholders of 255 million yuan, which is a significant increase of 399.7% year-on-year [4][5] - The company is experiencing a decline in quarterly performance, with Q4 2024 revenue at 570 million yuan, down 24.2% year-on-year and 27.8% quarter-on-quarter, and a net profit of 77 million yuan, down 51.6% year-on-year and 10.9% quarter-on-quarter [4][5] - The gross margin for 2024 improved to 30.4%, an increase of 5.6 percentage points year-on-year, with Q4 2024 gross margin at 33.5%, marking five consecutive quarters of growth [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.93 billion yuan, with high-performance mixed-signal chips contributing 1.39 billion yuan (up 10.9%), power management chips 1.05 billion yuan (up 15.2%), and signal chain chips 490 million yuan (up 40.9%) [5] - The company expects net profits for 2025-2027 to be 400 million, 607 million, and 803 million yuan respectively, with corresponding EPS of 1.72, 2.61, and 3.45 yuan per share [7] Market Outlook - The company is expanding into new markets, with a 17% increase in customer numbers and a 45% growth in new markets in 2024, focusing on providing algorithm + hardware + system solutions [6] - The company anticipates a recovery in revenue performance in Q1 2025 due to the rollout of national subsidies for mobile phones and the launch of new customer devices [5] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 36.6, 24.1, and 18.3 respectively, indicating a favorable valuation outlook as earnings grow [7]