【招商电子】龙迅股份：24Q4营收创单季新高，汽车电子业务聚力再出发

Core Viewpoint - Longxun Co., Ltd. is experiencing significant growth in revenue and profitability, particularly in the automotive electronics sector, while maintaining stable gross and net profit margins [2][3]. Group 1: Financial Performance - In 2024, Longxun's revenue reached 466 million yuan, a year-on-year increase of 44.21%, with a net profit of 144 million yuan, up 40.62% year-on-year [2]. - The company's gross margin for the year was 55.48%, an increase of 1.48 percentage points, while the net margin was 30.99%, a decrease of 0.79 percentage points [2]. - In Q4 2024, the company achieved a record quarterly revenue of 132 million yuan, a year-on-year increase of 31.04% and a quarter-on-quarter increase of 18.45% [2]. Group 2: Business Expansion - Longxun is focusing on the automotive electronics sector, with a significant increase in market share for its bridge chips in automotive HUD and infotainment systems [3]. - The company has entered the full-scale promotion phase for its automotive Serdes chipsets and plans to establish an automotive chip division by the end of 2024 [3]. - Longxun is also expanding into AI and HPC markets, with a research and development investment of nearly 100 million yuan in 2024, accounting for 21.45% of revenue, which is a year-on-year increase of 34.14% [3]. Group 3: Product Development - The company is actively developing data transmission and processing chips for AI, HPC, and next-generation communication fields, with ongoing projects related to PCIe and USB protocols [3]. - Longxun has added a domestic wafer foundry to effectively control procurement costs, enhancing its production capabilities [3].