Investment Rating - The report assigns a "Buy" rating for the company with a target price of 69.02 CNY, based on a current price of 56.09 CNY [5]. Core Insights - The company is a leading player in the data storage controller chip and AIoT signal processing chip sectors, benefiting from high barriers to entry and a robust growth trajectory driven by high-margin products and recovering downstream demand [1][4]. - The company achieved a revenue of 1.174 billion CNY in 2024, representing a year-over-year growth of 13.55%, and a net profit of 118 million CNY, reflecting a significant increase of 126% [1][24]. - The AIoT chip business saw a remarkable revenue growth of 73.61% in 2024, reaching 251 million CNY, indicating strong demand in emerging applications [3][4]. Financial Data and Valuation - The company is expected to generate revenues of 1.353 billion CNY in 2025, 1.671 billion CNY in 2026, and 2.066 billion CNY in 2027, with net profits projected at 124 million CNY, 171 million CNY, and 238 million CNY respectively [4]. - The company maintains a high R&D expense ratio of 36%-38%, with R&D expenditures reaching 425 million CNY in 2024 [3][34]. - The gross profit margin improved to 47.47% in 2024, up from 35.43% in 2019, showcasing enhanced profitability [33]. Industry Analysis - The global storage chip market is projected to grow significantly, with an estimated size of 129.77 billion USD in 2024, driven by demand from AI, 5G, and automotive sectors [43]. - The company holds a 25% market share in the global independent third-party SSD controller chip market, with a shipment volume of 49 million units in 2024 [2][55]. - The AIoT industry is expanding rapidly, with the number of connected IoT devices expected to reach 25 billion by 2025, creating substantial demand for AIoT chips [60][62].
联芸科技（688449）：高壁垒“存储大脑”主控赛道龙头，AIoT芯片带动第二增长曲线