ASR(SH:688220) Tianfeng Securities·2025-04-14 06:16Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Viewpoints - The company achieved a revenue of 3.386 billion RMB in 2024, representing a year-on-year increase of 30.23%. However, the net profit attributable to the parent company was -693 million RMB, a decline of 37.01% year-on-year [1][3]. - The company is experiencing strong growth in its chip business, particularly in the cellular IoT segment, which has led to significant revenue increases. The main business segments include chip products (89.02%), custom chip services (9.92%), and semiconductor IP licensing (1.04%) [1][2]. - The company continues to invest heavily in R&D, with approximately 1.242 billion RMB allocated in 2024, accounting for 36.68% of its revenue. This investment supports ongoing product upgrades and technological innovation [2][3]. Financial Data and Projections - The company forecasts revenues of 4.571 billion RMB in 2025, with a growth rate of 35%. The projected net profit for 2025 is -330 million RMB, improving to 60 million RMB in 2026 and 199 million RMB in 2027 [3][11]. - The EBITDA for 2024 is projected at 861.49 million RMB, with a significant increase in operating income expected in the following years [3][11]. - The company’s total assets are projected to reach 9.845 billion RMB by 2027, with a debt-to-equity ratio of 41.42% [11].