国芯科技（688262）：汽车电子高速增长，RISC-V注入新动能

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The automotive electronics sector is experiencing rapid growth, with significant progress in market expansion. The company has developed 12 product lines in automotive electronic chips, leading to a notable increase in chip shipments, with a projected revenue growth of 71.38% year-on-year for its automotive electronic chip business in 2024 [2] - The company has initiated the design and development of its first high-performance automotive MCU chip based on the RISC-V architecture, which is expected to achieve industry-leading performance in various applications [3] - The AHC001 chip, designed for quantum-safe applications, has successfully passed internal testing and is expected to enhance security against quantum computing threats [4] - The custom chip service business is steadily growing, with a projected revenue increase of 39.15% year-on-year in 2024, driven by strong demand from major clients in the AI chip sector [5] Financial Projections - The company is expected to achieve revenues of 7.8 billion, 11.5 billion, and 17.0 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at -1.0 billion, 0.1 billion, and 0.6 billion yuan for the same years [8] - Revenue growth rates are forecasted at 27.78% for 2024, 36.05% for 2025, 47.26% for 2026, and 48.06% for 2027 [10] - The company anticipates a significant turnaround in net profit, moving from -180.59 million yuan in 2024 to 57.71 million yuan in 2027, reflecting a growth rate of 908.84% [10]