龙芯中科：工控市场持续发力，夯实龙架构自主生态

Investment Rating - The investment rating for the company is "Add" and it is maintained [1] Core Views - The company has joined the "Beijing Humanoid Robot Industry Alliance" and is actively developing and testing robot controllers with domestic robot manufacturers [3] - The company is expanding its collaboration in the industrial robot sector and has successfully launched several specialized chips in 2023, enhancing its industrial ecosystem in areas such as new energy and smart manufacturing [3] - The company has significantly increased its R&D investment, with a research expense ratio of 83.96% in 2023, up by 41.60 percentage points year-on-year, leading to improved cash flow [3] - The company is building a self-sufficient ecosystem based on its independent instruction set, with its self-developed 3A6000 CPU achieving performance levels comparable to Intel's 10th generation Core processors [3] - Profit forecasts indicate a net profit of -1.02 million in 2024, with a recovery to 0.13 million in 2025 and 0.89 million in 2026, maintaining the "Add" rating [3] Financial Summary - The company's revenue for 2023 is projected at 506 million, with a year-on-year decline of 31.5%, but expected to grow by 39.7% in 2024 [4] - The net profit for 2023 is forecasted at -329 million, with a significant recovery expected in subsequent years [4] - The gross profit margin is projected to improve from 36.1% in 2023 to 43.3% by 2026 [4] - The return on equity (ROE) is expected to rise from 36.1% in 2023 to 43.3% in 2026 [4]