Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is focusing on continuous R&D investment to seize opportunities in the automotive and industrial markets. The domestic substitution trend is seen as a significant opportunity for manufacturers in these sectors. The automotive business is expected to grow by 179% in 2024, contributing over 3% to revenue, with further growth anticipated in 2025 [4][6] - The company has increased its R&D expenditure significantly, with a 49.25% year-on-year increase in 2024, amounting to 437 million yuan, which represents 17.01% of revenue. This investment supports the launch of new products and the expansion of customer bases [5][6] Company Overview - Latest closing price: 32.33 yuan - Total shares: 4.25 billion, circulating shares: 2.93 billion - Total market capitalization: 138 billion yuan, circulating market capitalization: 95 billion yuan - 52-week high/low: 41.90/25.52 yuan - Debt-to-asset ratio: 15.3% - Price-to-earnings ratio: 44.90 - Largest shareholder: 阮晨杰 [3] Financial Forecast and Key Metrics - Revenue projections for 2025, 2026, and 2027 are 33.4 billion yuan, 43.7 billion yuan, and 56.8 billion yuan respectively, with net profits of 3.3 billion yuan, 4.5 billion yuan, and 6.0 billion yuan [6][8] - The company is expected to maintain a revenue growth rate of 44.19% in 2024, followed by 30.22% in 2025, and similar growth rates in subsequent years [8] - The EBITDA for 2025 is projected at 428.55 million yuan, with a net profit margin of approximately 9.9% [8]
南芯科技（688484）：持续加强研发投入，把握汽车、工业市场机遇