Fortune Tech(300493) 天风证券·2025-05-02 11:17Investment Rating - The report maintains a "Buy" rating for the company, considering the potential for significant returns over the next six months [5][8]. Core Views - The semiconductor industry is returning to a growth trajectory, and the company's performance is steadily improving, with a revenue increase of 20.16% year-on-year to 2.596 billion yuan in 2024 [2][5]. - The company is focusing on AIoT smart modules, automotive electronics, and audio sensors, establishing a differentiated competitive advantage in these areas [2][3]. - The company has invested in the National Intelligent Sensor Innovation Center to enhance its AIoT chip business and edge computing capabilities, aiming to develop integrated sensing and computing solutions [3][4]. Financial Performance Summary - In 2024, the company achieved a net profit attributable to shareholders of 36.37 million yuan, a year-on-year increase of 2.07%, while the non-recurring net profit was 35 million yuan, up 10.17% [1][2]. - The first quarter of 2025 saw a revenue of 586 million yuan, reflecting a 5.96% year-on-year growth, with a net profit of 13 million yuan [1][2]. - The company forecasts a net profit of 154 million yuan for 2025, with a significant growth rate of 322.37% expected in 2026 [5][6]. Business Development Summary - The company is advancing both customized and self-developed chip businesses, achieving sales of 176 million yuan in 2024, a growth of 42.22% [4]. - Collaborations with upstream semiconductor design firms are ongoing to develop wireless smart appliance chips and AI glasses SOC chips [4]. - The partnership with Qiyimoer focuses on Chiplet interconnects and AI computing chips, enhancing technological innovation and business expansion [4].