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, with revenue contribution exceeding 3% [4][6] - The company has launched multiple new products in the automotive and industrial sectors, leveraging its advantages in consumer electronics. It aims to expand its customer base both domestically and internationally [4] - High R&D investment is driving product innovation, with R&D expenses expected to reach 437 million yuan in 2024, a 49.25% increase year-on-year, accounting for 17.01% of revenue [5] Financial Projections - Revenue projections for the company are 3.34 billion yuan in 2025, 4.37 billion yuan in 2026, and 5.68 billion yuan in 2027, with corresponding net profits of 331.99 million yuan, 452.43 million yuan, and 602.85 million yuan respectively [6][8] - The company is expected to maintain a strong growth rate, with revenue growth rates of 44.19% in 2024, 30.22% in 2025, and around 30% in the following years [8][10] - The company's earnings per share (EPS) is projected to increase from 0.72 yuan in 2024 to 1.42 yuan in 2027 [8][10]
南芯科技：持续加强研发投入，把握汽车、工业市场机遇-20250522