英集芯：深耕数模混合SOC，车规产品导入前装市场

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the benchmark index within six months [6][33]. Core Insights - The company focuses on high-performance analog-digital mixed chips and has made significant progress in automotive electronics, successfully introducing self-developed automotive-grade chips into the market [22][33]. - The company reported a revenue of 1.216 billion yuan in 2023, a year-on-year increase of 40.19%, while the net profit attributable to the parent company was 29.37 million yuan, a decline of 81.04% [9][22]. - The company is actively investing in research and development, with R&D expenses reaching 310 million yuan in 2023, accounting for 25.18% of revenue, and plans to continue expanding its product matrix through internal development and external acquisitions [22][33]. Financial Performance - Revenue projections for 2024, 2025, and 2026 are 1.585 billion yuan, 2.111 billion yuan, and 2.711 billion yuan, respectively, with growth rates of 30.35%, 33.24%, and 28.39% [9][24]. - The net profit attributable to the parent company is expected to increase to 116.83 million yuan in 2024, 161.12 million yuan in 2025, and 229.14 million yuan in 2026, reflecting growth rates of 297.73%, 37.91%, and 42.22% respectively [9][24]. - The company’s earnings per share (EPS) is projected to rise from 0.07 yuan in 2023 to 0.28 yuan in 2024, 0.38 yuan in 2025, and 0.54 yuan in 2026 [9][24]. Market Position and Strategy - The company is enhancing its automotive electronics business, focusing on multiple R&D projects and successfully obtaining automotive-grade certification for its chips [22][33]. - The company is expanding its presence in the renewable energy sector by developing integrated DCDC converters that improve photovoltaic energy conversion efficiency [22]. - The company has made investments in four new subsidiaries in 2023, focusing on the development of analog chip technologies [22].