富瀚微（300613）：逐步复苏

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][8] Core Views - The company has experienced a slight decline in revenue, with a reported operating income of 1.79 billion yuan in 2024, down 1.76% year-on-year, while the net profit attributable to shareholders increased by 2.04% to 258 million yuan [6][8] - The traditional professional video market is facing growth slowdowns due to increased competition in the consumer market, leading to short-term pressure on performance [7] - The company is focusing on product iteration and technological upgrades to embrace the AI-driven future, enhancing its technical capabilities to meet the demands for higher performance and lower power consumption [7] Financial Summary - The company is projected to achieve revenues of 2.00 billion yuan in 2025, 2.32 billion yuan in 2026, and 2.82 billion yuan in 2027, with net profits of 260 million yuan, 340 million yuan, and 481 million yuan respectively [8][10] - The EBITDA for the years 2025, 2026, and 2027 is expected to be 473.70 million yuan, 585.66 million yuan, and 696.12 million yuan respectively [10] - The company’s earnings per share (EPS) is projected to be 1.12 yuan in 2025, 1.46 yuan in 2026, and 2.07 yuan in 2027 [10][12]