Amlogic(688099) Changjiang Securities·2025-05-16 07:25Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company achieved a revenue of 1.53 billion yuan in Q1 2025, representing a year-on-year increase of 10.98% and a quarter-on-quarter increase of 18.93%. The net profit attributable to the parent company was 188 million yuan, with a year-on-year increase of 47.53% but a quarter-on-quarter decrease of 17.52%. The revenue in Q1 set a historical high for the same period [2][4][11] - The company emphasizes research and development, with R&D expenses amounting to 359 million yuan in Q1 2025, a year-on-year increase of 9.22%, representing 23.45% of revenue. The sales of smart home chips grew over 50% year-on-year, with quarterly shipments exceeding 10 million units [11] - The company is expanding its product lines and international market presence, with significant growth in various product series, including S, T, A, and W series chips. The company has established deep collaborations with global mainstream television ecosystems, which is expected to further enhance its international market share [11] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.53 billion yuan, a year-on-year increase of 10.98% and a quarter-on-quarter increase of 18.93%. The net profit attributable to the parent company was 188 million yuan, reflecting a year-on-year increase of 47.53% [2][4][11] - The overall gross margin for Q1 was 36.23%, with a year-on-year increase of 2.01 percentage points [11] Research and Development - The company invested 359 million yuan in R&D in Q1 2025, which is 23.45% of its revenue, indicating a strong commitment to innovation [11] - The sales of smart home chips increased by over 50% year-on-year, with shipments surpassing 10 million units in the quarter [11] Product and Market Expansion - The company is actively expanding its product lines and international market reach, with the S series chips gaining significant market share in domestic operator tenders and increasing adoption by overseas operators [11] - The T series chips are widely used in smart TVs and other smart devices, while the A series products are integrated with various modules for diverse applications [11]