Ingenic(SZ:300223) EBSCN·2025-05-11 08:13Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Viewpoints - The company is actively upgrading its storage product processes and advancing 3D DRAM research to meet the growing demand in AI and high-performance computing sectors [3] - The company has reported a revenue of 4.213 billion yuan for 2024, a year-on-year decrease of 7.03%, and a net profit of 366 million yuan, down 31.84% year-on-year [1] - The first quarter of 2025 shows a revenue of 1.060 billion yuan, a year-on-year increase of 5.28% and a quarter-on-quarter increase of 4.83% [1] Summary by Sections Company Overview - The company focuses on chip research and sales, with product lines including computing chips, storage chips, and analog and interconnect chips, adhering to a "computing + storage + analog" product strategy [1] Market Position and Product Development - The company has maintained its advantage in the industrial and automotive markets while closely tracking advancements in process technology to optimize product cost [2] - The company has completed mass production of 8Gb DDR4, 8Gb LPDDR4, and 16Gb LPDDR4 to meet the increasing demand in these markets [2] R&D and Future Prospects - The company is investing in 3D DRAM technology to cater to the rising bandwidth demands from AI applications and high-performance computing [3] - The company plans to provide engineering samples of new DRAM products based on various advanced processes by 2025 [2] Financial Forecast and Valuation - The company’s revenue and net profit for 2025-2027 are projected to be 5.08 billion yuan, 6.54 billion yuan, and 7.67 billion yuan respectively, with corresponding PE ratios of 64, 50, and 43 [4][5] - The report indicates a gradual recovery in the industry, supporting the company's positive outlook [4]