Ingenic(SZ:300223) China Post Securities·2025-12-25 08:59Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [5][15]. Core Insights - The company focuses on building a comprehensive technology stack centered around AI, encompassing computing, storage, perception, and execution [3][12]. - In the computing sector, the company is advancing its CPU and NPU technologies based on the RISC-V architecture, with a significant leap in computing power from 0.1 Tops to 512 Tops [3][12]. - The storage segment is enhancing its capabilities in 3D-DRAM and other emerging technologies to meet the high bandwidth demands of the AIoT era [4][12]. - The perception domain is innovating in audio/video processing and AI perception algorithms, improving imaging technology and audio recognition [3][12]. - The execution area focuses on motor control, printing technology, and interactive experiences, providing comprehensive solutions for smart device upgrades [3][12]. Financial Projections - Revenue is projected to reach 4.8 billion, 5.9 billion, and 7.0 billion yuan in 2025, 2026, and 2027 respectively, with net profit expected to be 0.38 billion, 0.66 billion, and 0.87 billion yuan in the same years [5][9]. - The company anticipates a revenue growth rate of 14.1% in 2025, 22.5% in 2026, and 18.4% in 2027 [9][14]. - The earnings per share (EPS) is forecasted to be 0.79 yuan in 2025, 1.36 yuan in 2026, and 1.79 yuan in 2027 [9][14]. Market Position - The company ranks sixth globally in niche DRAM and first among companies headquartered in mainland China, and fourth in global automotive-grade niche DRAM suppliers [12]. - In SRAM, it holds the second position globally and first in mainland China, while in NOR Flash, it ranks seventh globally and third in mainland China [12]. Stock Performance Expectations - The stock is expected to show a performance increase of 18% by December 2025, reflecting a positive outlook on the company's growth trajectory [7].