裕太微：20242.5GPHY加速放量-20250509

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 126.50 RMB [4][8]. Core Views - The company achieved a revenue of 396.23 million RMB in 2024, representing a year-over-year increase of 44.86%, but reported a net loss attributable to shareholders of 201.68 million RMB, a decrease of 34.36% year-over-year [2][4]. - The growth in revenue is attributed to the release of new products such as the 2.5G PHY and multi-port switch chips, alongside a recovery in demand from the industrial-grade market [2][3]. - The company is expected to continue its rapid growth in 2025, driven by various consumer stimulus policies and the ongoing recovery in the industrial-grade market [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 396.23 million RMB, with a significant increase in industrial-grade revenue by 108.89% to 225 million RMB, and commercial-grade revenue up by 61.72% to 164 million RMB [2][6]. - The gross margin for Q1 2025 was 40.74%, slightly down from the previous year, primarily due to increased competition in the industrial-grade product market [2][3]. Product Development - The company is expanding its product lines, including the launch of a 24-port switch chip series and the introduction of automotive Ethernet switch chips, which are expected to contribute to revenue in 2025 [3][4]. - The 2.5G PHY chip is projected to maintain rapid growth, with the introduction of a four-port version expected to open up larger market opportunities [3][4]. Market Outlook - The report anticipates that the company's revenue will reach 562.10 million RMB in 2025, with continued growth expected in subsequent years [4][6]. - The company is positioned as a rare supplier of PHY chips in China, with a resilient demand in the industrial-grade market and potential revenue elasticity from new product launches [4][6].