Dosilicon(688110) 中银国际·2025-04-23 07:39Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company is expected to see a recovery in revenue in 2024, driven by industry recovery and market expansion, with a long-term growth potential supported by ongoing R&D investments and the "storage, computing, and connectivity" integrated strategy [4][6]. - The company reported a revenue of RMB 641 million in 2024, a year-on-year increase of 20.8%, and a narrowed net loss of RMB 167 million, down 45.4% year-on-year [9]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are RMB 810 million, RMB 1,019 million, and RMB 1,286 million, respectively, with corresponding net profits of RMB -45 million, RMB 68 million, and RMB 179 million [6][8]. - The company’s gross margin is expected to improve from 14.0% in 2024 to 31.6% by 2027, reflecting operational efficiency and product cost reduction [21]. Market Performance - The company's stock has shown a strong performance with a 52.2% increase over the past 12 months, outperforming the Shanghai Composite Index by 43.9% [2][3]. Strategic Developments - The company is deepening its storage technology layout and expanding its product matrix, including advancements in SLC NAND, NOR Flash, and DRAM products, with a focus on automotive and industrial applications [9]. - A significant investment in high-performance GPU technology is underway, with the first generation of graphics processing chips expected to support mainstream gaming [9].