瑞芯微：深耕AIoT领域，SoC生态赋能

Investment Rating - The report maintains an "Outperform" rating for the company, with a valuation range of 57.90-63.99 yuan based on a 2024 PS multiple of 10.5x [2][39] Core Views - The company is a leader in AIoT SoC, continuously expanding in the high-end market [4] - Its flagship product RK3588 has significant potential for domestic substitution in the high-end chip market [4] - The company has a comprehensive product portfolio covering various AIoT applications, including smart home, automotive electronics, and industrial applications [5][7][11] - The AIoT market is expected to grow rapidly, with the global AIoT market projected to reach $83.6 billion by 2027, with a CAGR of 39.1% [34] Company Overview - The company specializes in large-scale SoC chip design, image signal processing, high-definition video codecs, AI systems, and system software development [5] - Its main products include smart application processor chips and power management chips, which are widely used in consumer electronics and smart IoT devices [7][11] Product Portfolio - The company's product lines include high-performance application processors (e.g., RK3588, RK3399) and general-purpose application processors (e.g., RK3326, RK3188) [11] - RK3588, the flagship product, is designed for multiple scenarios, including automotive smart cockpits, edge computing, and AR/VR, with advanced features such as 8K video codecs and 6TOPs AI NPU [31][32] Market Opportunities - The AIoT market is rapidly expanding, with AI chips being a key driver of growth [20] - The domestic smart visual market is expected to grow at a CAGR of 21% from 2020 to 2025, driven by innovations in smart home devices [24] - The civil security market in China has significant growth potential, with current penetration at only 11%, compared to 50% in the US [28] Financial Projections - The company's revenue is expected to grow at a CAGR of 19.7% from 2023 to 2025, with chip revenue projected to increase from 2,129.5 million yuan in 2023 to 3,100.5 million yuan in 2025 [36] - EPS is forecasted to be 0.32/0.74/0.98 yuan per share for 2023-2025, with a steady gross margin of around 36% [39][40] Competitive Landscape - The company is positioned as a leading domestic AIoT chip supplier, with a strong focus on high-end market applications [4][5] - Its product matrix is increasingly diversified, covering a wide range of AIoT scenarios, which enhances its competitive edge [31][34]