FMSH(SH:688385) Tai Ping Yang·2025-04-16 13:25Investment Rating - The report maintains a "Buy" rating for Fudan Microelectronics (688385) [1] Core Views - The FPGA product line is experiencing continuous advancement, indicating promising future prospects [1] - The company reported a revenue of 3.59 billion yuan for 2024, a year-on-year increase of 1.53%, while the net profit attributable to shareholders decreased by 20.42% to 573 million yuan [4][5] - The smart meter business is recovering, with a significant growth in revenue and net profit in Q4 2024 [5] - The new generation of FPGA products is being actively developed, with a broad market potential [6] Financial Summary - Total shares outstanding: 821 million, circulating shares: 537 million [3] - Total market capitalization: 41.20 billion yuan, circulating market capitalization: 26.94 billion yuan [3] - Highest/Lowest stock price in the last 12 months: 54.15 yuan / 23.55 yuan [3] - Revenue projections for 2025-2027 are 4.00 billion, 4.74 billion, and 5.48 billion yuan, with year-on-year growth rates of 11.49%, 18.49%, and 15.54% respectively [6][7] - Net profit projections for the same period are 789 million, 965 million, and 1.15 billion yuan, with growth rates of 37.83%, 22.23%, and 18.98% respectively [6][7] - The projected PE ratios for 2025-2027 are 47X, 39X, and 33X [6]