业绩维持健康稳定，深化端侧AI战略布局

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11] Core Insights - The company's performance remains stable with a slight increase in revenue for 2024, projected at 5.385 billion yuan, a year-on-year increase of 2.72%. However, the net profit attributable to the parent company is expected to decline by 12.6% to 407 million yuan [9][11] - The company is focusing on deepening its edge AI strategy, with significant investments in R&D, particularly in smart automotive operating systems and IoT technologies [3][4] - The smart IoT business has shown signs of recovery, while the smart automotive business is experiencing a slowdown due to industry adjustments and project delays [2][3] Summary by Sections Financial Performance - In 2024, the company's main revenue is projected to be 5.385 billion yuan, with a slight increase of 2.72%. The net profit attributable to the parent company is expected to be 407 million yuan, down 12.6% [9][11] - For Q1 2025, the main revenue is 1.469 billion yuan, showing a year-on-year growth of 24.69%, with a net profit of 93 million yuan, up 2.48% [9] Business Segments - The smart smartphone segment generated 1.423 billion yuan in revenue, a year-on-year increase of 0.49%. The smart automotive segment achieved 2.416 billion yuan, growing by 3.42%, while the smart IoT segment reached 1.545 billion yuan, up 3.73% [2][9] - The smart IoT business has reversed its decline from 2023, benefiting from the integration of edge computing and cloud computing technologies [2][3] Strategic Initiatives - The company is enhancing its edge AI strategy by developing a unified platform that integrates edge, cloud, and AI technologies, which strengthens its competitive position in the smart automotive and consumer electronics sectors [3] - The company is also collaborating with major players like Qualcomm and Microsoft to advance its edge AI ecosystem [3] Profit Forecast - The profit forecast for the company has been adjusted downward, with net profits projected at 505 million yuan for 2025, 641 million yuan for 2026, and 896 million yuan for 2027 [4][11]