Workflow
富瀚微:逐步复苏-20250417

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 slowdown 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 achieved a total chip sales volume of approximately 160 million pieces in 2024, representing a year-on-year increase of 13.89% [7] - Revenue projections for the company are estimated at 2.00 billion yuan in 2025, 2.32 billion yuan in 2026, and 2.82 billion yuan in 2027, with corresponding net profits of 260 million yuan, 340 million yuan, and 481 million yuan respectively [8][10] - The company’s EBITDA is projected to grow from 408.68 million yuan in 2024 to 696.12 million yuan in 2027, indicating a positive trend in profitability [10][12]