Amlogic(SH:688099) Soochow Securities·2026-02-13 06:02Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company is positioned as a core player in the AIoT sector, benefiting from a robust product lineup and strong R&D capabilities, particularly as a key supplier for Google's AIoT initiatives. The company is expected to significantly benefit from the ongoing smart upgrade wave in the AIoT sector [3] - Revenue forecasts for 2025-2027 have been adjusted to 67.93 billion, 91.77 billion, and 118.76 billion RMB respectively, with net profit forecasts adjusted to 8.71 billion, 15.44 billion, and 23.24 billion RMB respectively. The current valuation is considered low, presenting a substantial opportunity for growth in both earnings and valuation in 2026 [3] - The company achieved a record revenue of 67.93 billion RMB in 2025, with a year-on-year growth of 14.63%. The net profit for the same year was 8.71 billion RMB, reflecting a 6% increase year-on-year. The company anticipates a revenue growth of 25%-45% for the entire year of 2026 [8][3] Financial Projections - Total revenue is projected to reach 67.93 billion RMB in 2025, with a year-on-year growth of 14.63%. The net profit is expected to be 8.71 billion RMB, with a growth rate of 6% [8] - The company aims to sell over 30 million units of 6nm chips in 2026, with additional targets for Wi-Fi 6 chips and smart vision chips, indicating strong growth potential in core product lines [8] - The gross margin is expected to improve to 40.46% in Q4 2025, reflecting a year-on-year increase of 3.26 percentage points [8]