Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to acquire 100% equity of Chipwise Technology to enhance its RISC-V IP matrix, aiming to create a comprehensive solution from processor cores to system-level applications [7] - Chipwise Technology specializes in RISC-V CPU IP and has a complete product line from low-power MCUs to high-performance processors, with recent developments in AI [7] - The RISC-V architecture is becoming a cornerstone for AI chips, meeting the demands for low power, real-time processing, and privacy protection, with significant growth potential in various high-growth scenarios [7] - The current valuation premium is attributed to the company's status as a leading ASIC player in China, with strong technical capabilities and customer resources [7] Financial Projections - The company is projected to achieve total revenue of 2,322 million in 2024, increasing to 4,724 million by 2027, with a compound annual growth rate of approximately 23.60% [1][8] - The net profit attributable to the parent company is expected to improve from a loss of 600.88 million in 2024 to a profit of 419.35 million in 2027 [1][8] - The earnings per share (EPS) is forecasted to transition from -1.14 in 2024 to 0.80 in 2027 [1][8]