Chipsea(SH:688595) Guohai Securities·2024-04-29 10:00Investment Rating - The report maintains a "Buy" rating for the company [10][29]. Core Insights - The company achieved a revenue of 151 million yuan in Q1 2024, representing a year-on-year growth of 145.42% and a quarter-on-quarter increase of 1.51% [2][3]. - The net profit attributable to the parent company was a loss of 35.43 million yuan, which is a reduction in loss by 13.53 million yuan compared to the same period last year [2]. - The company is experiencing a positive growth trend, with Q1 revenue reaching a five-year high for the same period [3]. Financial Performance - In Q1 2024, the company's gross margin was 34.18%, an increase of 5.32 percentage points year-on-year, attributed to improved inventory structure and accelerated destocking [4]. - The company expects continued improvement in gross margin as high-value new products are scaled up for production [4]. - Revenue projections for 2024-2026 are estimated at 686 million, 966 million, and 1.31 billion yuan respectively, with net profits expected to turn positive by 2026 [7][29]. Market Position and Trends - The company is positioned as a leading signal chain chip design enterprise in China, benefiting from the domestic smart hardware market and increasing demand for localization in chip production [29]. - The integration trend of MCU and analog chips is becoming more pronounced, driven by the rapid development of high-end consumer electronics and smart devices [6][29]. - The company has successfully introduced 225 HarmonyOS IoT projects and completed the integration of 83 SKUs, indicating strong growth in the Harmony ecosystem [1].