Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 2.567 billion yuan, a year-on-year increase of 44.19%, and a net profit attributable to shareholders of 307 million yuan, up 17.43% year-on-year [1][4]. - The diversified business strategy is showing results, particularly in the automotive electronics sector, which saw a remarkable growth rate of 179% [2][4]. - The company continues to invest heavily in research and development, with R&D expenses rising to 437 million yuan in 2024, a 49.25% increase year-on-year, and the number of R&D personnel growing to 567, representing 68.40% of the total workforce [3][4]. Financial Performance - In Q4 2024, the company reported revenue of 668 million yuan, a year-on-year increase of 16.28%, but a net profit decline of 56.73% year-on-year [1]. - For Q1 2025, revenue was 685 million yuan, up 13.86% year-on-year, while net profit decreased by 36.86% year-on-year [1]. - The company expects revenues of 3.217 billion yuan, 3.808 billion yuan, and 4.420 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 25.3%, 18.4%, and 16.1% [4][5]. Business Segments - The revenue distribution for 2024 shows that mobile device power management chips accounted for 70.12% of total revenue, while automotive electronics contributed 3.33%, with significant growth in the latter [2]. - The company has successfully expanded its product offerings in various sectors, including automotive, industrial applications, and smart energy, enhancing its competitive position in the semiconductor industry [2][3].
南芯科技（688484）：2024年营收实现高增，多元化布局已显成效