Ingenic(SZ:300223) China Post Securities·2025-09-15 10:23Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within six months [6][13]. Core Views - The company demonstrated resilient revenue growth, with a 6.75% year-on-year increase in revenue for H1 2025, driven by the collaborative growth of storage chips, computing chips, and analog and interconnect chips [4][5]. - The company is actively advancing its AI technology layout, with new products in computing chips and storage chips expected to drive future growth, particularly in the automotive and industrial electronics sectors [5][6]. Company Overview - The latest closing price is 84.95 yuan, with a total market capitalization of 410 billion yuan and a circulating market capitalization of 357 billion yuan [2]. - The company has a total share capital of 4.83 billion shares, with 4.21 billion shares in circulation [2]. - The company’s largest shareholder is Beijing Yitang Shengxin Semiconductor Industry Investment Center (Limited Partnership) [2]. Financial Performance - In H1 2025, the company achieved revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to shareholders of 203 million yuan, up 2.85% year-on-year [3][4]. - The company’s R&D expenses reached 348 million yuan in H1 2025, accounting for 15.47% of revenue [4]. - The company is projected to achieve revenues of 4.95 billion yuan, 5.886 billion yuan, and 6.948 billion yuan for the years 2025, 2026, and 2027, respectively [6][11]. Product Development and Market Strategy - The company is focusing on new product development and technology upgrades, with the T33 computing chip already in production and the T42 chip expected to launch in 2026 [5]. - The company is enhancing its competitiveness in the automotive electronics market through the introduction of automotive-grade LED drivers and interconnect chips [5]. Earnings Forecast - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is 502.65 million yuan, 651.16 million yuan, and 832.54 million yuan, respectively [11][12].