BPSemi(SH:688368) Minsheng Securities·2025-05-20 03:48Investment Rating - The report gives a "Buy" rating for the company, with a target price of 93.88 CNY [5]. Core Viewpoints - The company focuses on power management chips and control driver chips, with a product line that includes LED lighting driver chips, motor control driver chips, AC/DC power chips, and high-performance computing power chips [1][10]. - The company has shown significant revenue growth, achieving 1.303 billion CNY in 2023, a year-on-year increase of 20.74%, and is expected to continue this growth trajectory with projected revenues of 1.504 billion CNY in 2024, a 15.38% increase [1][16]. - The company is a pioneer in high-performance computing power chips, having entered the market with a full range of products and achieved significant sales growth, particularly in the AI sector [2][40]. Summary by Sections 1. Company Overview - The company is a leading designer of power management and control driver chips in China, with a focus on four main product lines: LED lighting driver chips, motor control driver chips, AC/DC power chips, and high-performance computing power chips [1][10]. - The company has expanded its product lines through both organic growth and acquisitions, including the recent acquisition of Nanjing Lingou Chuangxin and plans to acquire Yichong Technology [3][12]. 2. High-Performance Computing Power Chips - The company has strategically focused on high-performance computing power chips since 2021, targeting the growing demand driven by AI applications [2][40]. - The high-performance computing product line has achieved mass production of multi-phase controllers, DrMOS, POL, and Efuse products, entering a phase of scale sales [2][40]. 3. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 1.12 million CNY, 1.80 million CNY, and 2.78 million CNY from 2025 to 2027, with corresponding PE ratios of 73, 46, and 30 [3][4]. - The report emphasizes the company's strong R&D capabilities and competitive product lines, supporting a positive long-term growth outlook [3][4].