Espressif Systems(SH:688018) China Post Securities·2025-06-06 11:09Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing continuous improvement in profitability, with Q1 2025 revenue reaching 558 million yuan, a year-on-year increase of 44.08%, and net profit attributable to shareholders of 94 million yuan, up 73.80% year-on-year [4] - The company is expanding its product matrix across multiple digitalization fields, with rapid growth in new customer acquisition supporting future business growth [5] - The company is expected to achieve revenues of 2.61 billion, 3.50 billion, and 4.60 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 450 million, 630 million, and 840 million yuan for the same years, maintaining a "Buy" rating [6] Company Overview - The latest closing price is 141.18 yuan, with a total market capitalization of 22.1 billion yuan and a total share capital of 1.57 billion shares [3] - The company has a debt-to-asset ratio of 17.7% and a price-to-earnings ratio of 45.71 [3] Financial Forecasts and Key Indicators - The company is projected to have a revenue growth rate of 40.04% in 2024, followed by 30.11% in 2025, and 34.19% in 2026 [8] - The expected net profit growth rates are 149.13% for 2024, 32.77% for 2025, and 40.46% for 2026 [8] - The earnings per share (EPS) is forecasted to be 2.17 yuan in 2024, increasing to 5.37 yuan by 2027 [8]