Goke(300672) Huaxin Securities·2025-06-08 15:34Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company plans to acquire Zhongxin Ningbo to build a full industry chain capability of "chip design + wafer processing" [1][6] - In 2024, the company experienced a significant revenue decline of 53.26% due to market demand slowdown and intensified competition, but managed to achieve a slight profit increase of 1.13% [5] - The company has a diverse chip design capability and aims to transition to a full industry chain model post-acquisition [6][9] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 197,789.18 million yuan, a decrease of 53.26% year-on-year [5] - The net profit attributable to shareholders was 9,715.47 million yuan, an increase of 1.13% year-on-year, with an overall gross margin of 26.29%, up by 13.85 percentage points [5] - R&D investment reached 67,532.16 million yuan in 2024, growing by 10.26% year-on-year, laying a solid foundation for future high-quality development [5] Strategic Initiatives - The company possesses multiple chip design capabilities and has launched various chips in fields such as ultra-high-definition smart displays, AI, automotive electronics, and IoT [6] - The acquisition of Zhongxin Ningbo, a leading domestic semiconductor wafer foundry, is expected to enhance the company's capabilities in chip design and wafer processing [6][8] Market Outlook - The company forecasts revenues of 23.35 billion yuan, 28.04 billion yuan, and 35.23 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58, 1.00, and 1.32 yuan [9][11] - The projected growth rates for revenue are 18.1%, 20.1%, and 25.6% for the years 2025, 2026, and 2027 respectively [11]