Ingenic(SZ:300223) Huaan Securities·2025-10-30 07:02Investment Rating - The investment rating for Beijing Junzheng is "Buy" (maintained) [1] Core Views - The company's revenue remains relatively stable, but profit has declined mainly due to fluctuations in gross margin. The gross margin for Q3 2025 is 31.63%, down 5.57 percentage points year-on-year and 3.13 percentage points quarter-on-quarter, primarily due to the impact of the Taiwan dollar exchange rate and increased costs of storage chip products. However, with rising storage prices and the launch of new process products, significant growth opportunities are expected in the coming years [5][6] - For Q3 2025, the company reported a revenue of 11.87 billion yuan, an increase of 8.50% year-on-year, but a slight decrease of 0.13% quarter-on-quarter. The net profit attributable to the parent company was 410 million yuan, down 61.48% year-on-year and 68.12% quarter-on-quarter [4][5] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 34.37 billion yuan, a year-on-year increase of 7.35%, while the net profit attributable to the parent company was 2.44 billion yuan, a year-on-year decrease of 19.75%. The net profit excluding non-recurring items was 1.90 billion yuan, down 40.29% year-on-year [4][5] - The company expects net profits for 2025-2027 to be 3.6 billion, 7.0 billion, and 10.4 billion yuan respectively, with corresponding EPS of 0.75, 1.44, and 2.16 yuan per share [7] Business Segments - Revenue from computing chips in Q3 2025 was 3.04 billion yuan, a year-on-year increase of 4.9% but a quarter-on-quarter decrease of 9.0%. The demand for AIOT chip products is showing good growth, although sales of intelligent visual products have slightly declined due to increased market competition [5] - Revenue from storage products in Q3 2025 was 7.46 billion yuan, up 11.2% year-on-year and 3.3% quarter-on-quarter, driven by recovery in the automotive and industrial medical sectors [6] - Revenue from analog and interconnect chips in Q3 2025 was 1.30 billion yuan, a year-on-year increase of 13.0% and a quarter-on-quarter increase of 4.4%, supported by market demand recovery [6]