Chipown(SH:688508) China Post Securities·2025-04-17 06:23Investment Rating - The report maintains a "Buy" rating for Chipown Microelectronics (688508) [2] Core Views - The company reported strong performance with Q1 2025 revenue of 301 million yuan, a year-on-year increase of 48.23%, and a net profit of 41 million yuan, up 72.54% year-on-year [6][7] - The market is recovering, driven by government policies supporting equipment upgrades and consumption incentives, which are expected to boost demand for ACDC and driver chips [7] - The company has successfully expanded its product lines, achieving significant growth in new products, with revenue from high/low voltage driver chips and digital power chips increasing by over 120% year-on-year [8] Financial Summary - The latest closing price is 52.32 yuan, with a total market capitalization of 6.9 billion yuan [4] - The company is projected to achieve revenues of 1.22 billion yuan in 2025, 1.55 billion yuan in 2026, and 1.94 billion yuan in 2027, with corresponding net profits of 161 million yuan, 219 million yuan, and 293 million yuan respectively [9][11] - The company maintains a stable gross margin of 36.69% in Q1 2025, with a slight year-on-year decrease of 0.05 percentage points [7]