Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The automotive electronics sector is experiencing rapid growth, with significant progress in market expansion. The company has developed 12 product lines in automotive electronic chips, leading to a notable increase in chip shipments, with a projected revenue growth of 71.38% year-on-year for its automotive electronic chip business in 2024 [2] - The company has initiated the design and development of its first high-performance automotive MCU chip based on the RISC-V architecture, aimed at applications in intelligent driving and smart chassis. This chip is expected to achieve industry-leading performance and may replace existing foreign chips in the market [3] - The company is advancing its quantum-safe chip, AHC001, which has successfully passed internal testing. This chip is designed to withstand quantum computing attacks and can be integrated into various high-security applications [4] - The custom chip service business is steadily growing, with a projected revenue of 396 million yuan in 2024, reflecting a year-on-year increase of 39.15%. The company is leveraging its existing customer base to meet the demand for AI chip customization [5] Financial Projections - The company is expected to achieve revenues of 780 million yuan, 1.15 billion yuan, and 1.70 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at -104.38 million yuan, 5.72 million yuan, and 57.71 million yuan for the same years [8][10] - The revenue growth rates are forecasted to be 36.05%, 47.26%, and 48.06% for the years 2025, 2026, and 2027 respectively [10][13] - The company's net profit margin is expected to improve significantly, with a projected net profit margin of 3.4% by 2027 [13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The automotive electronics sector is experiencing rapid growth, with significant progress in market expansion. The company has developed 12 product lines in automotive electronic chips, leading to a notable increase in chip shipments, with a projected revenue growth of 71.38% year-on-year for its automotive electronic chip business in 2024 [2] - The company has initiated the design and development of its first high-performance automotive MCU chip based on the RISC-V architecture, which is expected to achieve industry-leading performance in various applications [3] - The AHC001 chip, designed for quantum-safe applications, has successfully passed internal testing and is expected to enhance security against quantum computing threats [4] - The custom chip service business is steadily growing, with a projected revenue increase of 39.15% year-on-year in 2024, driven by strong demand from major clients in the AI chip sector [5] Financial Projections - The company is expected to achieve revenues of 7.8 billion, 11.5 billion, and 17.0 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at -1.0 billion, 0.1 billion, and 0.6 billion yuan for the same years [8] - Revenue growth rates are forecasted at 27.78% for 2024, 36.05% for 2025, 47.26% for 2026, and 48.06% for 2027 [10] - The company anticipates a significant turnaround in net profit, moving from -180.59 million yuan in 2024 to 57.71 million yuan in 2027, reflecting a growth rate of 908.84% [10]