Rockchip(SH:603893) Guotou Securities·2025-09-02 01:35Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 295.2 CNY based on an expected 80 times PE for 2026 [4][5]. Core Insights - The company has demonstrated strong revenue growth, achieving 2.046 billion CNY in revenue for H1 2025, a year-on-year increase of 63.85%, and a net profit of 531 million CNY, up 190.61% year-on-year [1][2]. - The AIoT market is experiencing robust demand, with the company's flagship products, such as RK3588 and RK3576, driving significant revenue and profit growth, reaching historical highs in Q2 2025 [2][3]. - The company is focusing on continuous product iteration, launching its first edge computing co-processor, RK182X, and developing next-generation flagship chips, enhancing its AIoT SoC platform [3]. Financial Performance - For H1 2025, the company reported a gross margin of 42.29% and a net margin of 25.96% [1]. - The projected revenues for 2025, 2026, and 2027 are 4.364 billion CNY, 5.659 billion CNY, and 7.045 billion CNY, respectively, with net profits expected to be 1.117 billion CNY, 1.554 billion CNY, and 1.974 billion CNY [4][11]. - The company has maintained high R&D investment, with 279 million CNY spent in H1 2025, indicating a commitment to innovation [1][3]. Market Position - The company is positioned as a leading domestic SoC provider, benefiting from a strategic advantage in the AIoT sector as it enters a growth cycle [4]. - The anticipated growth in the global AIoT market in 2026 is expected to further enhance the company's market position [4].