Rockchip(SH:603893) EBSCN·2024-03-17 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve revenue growth in 2023, with a projected revenue of 2.13-2.14 billion yuan, representing a year-on-year increase of 4.94%-5.44% [2] - The company has optimized its product sales structure, which has effectively controlled the trend of declining gross profit margin and increasing inventory [2] - The company is focusing on the AIoT development trend and has made breakthroughs in key product lines such as electric vehicle smart cockpits and AI learning machines [2][3] - The flagship 8nm chip RK3588 has been successfully adopted by leading customers in various application areas, with multiple passenger vehicles already featuring this chip [2][3] Summary by Sections Revenue and Profit Forecast - The company expects a net profit attributable to shareholders of 131-158 million yuan in 2023, a year-on-year decrease of 46.88%-55.96% [2] - The projected net profit for 2024 is 363 million yuan, and for 2025, it is 606 million yuan [3] - The current market capitalization corresponds to a PE ratio of 148/63/38 times for 2023/2024/2025 [3] Product Development and Market Position - The company has launched new AIoT application processors and a new generation of streaming media processors, which have quickly landed in multiple customer projects [2] - The company has iterated four generations of NPU IP, enhancing support for neural network models and computational efficiency, meeting the demands of large models based on the Transformer architecture [3] Financial Metrics - The projected revenue growth rate for 2023 is 5.21%, with a significant increase expected in Q4 2023, where revenue is anticipated to reach 680 million yuan, a year-on-year increase of 48.15% [2] - The gross profit margin is expected to decline to 35.5% in 2023, with a recovery forecasted to 39.0% in 2024 and 39.5% in 2025 [4]