Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.40 RMB [4][7]. Core Views - The company's revenue for 2024 was 6.52 billion RMB, a year-over-year decrease of 6.99%, and a net loss attributable to the parent company of 2.05 billion RMB, slightly better than previous expectations [1]. - The first quarter of 2025 saw revenue drop to 0.93 billion RMB, down 34.29% year-over-year and 40.04% quarter-over-quarter, indicating weak demand from communication clients [1]. - The company is expected to benefit from the trend of domestic substitution in the long term, despite short-term performance pressures due to weak communication industry demand [1]. Summary by Sections 2024 Review - The company experienced a slight decline in revenue due to ongoing inventory digestion by terminal industry clients and uneven recovery in downstream demand. The FPGA product revenue was 5.79 billion RMB, down 32.36% year-over-year, despite a 60.84% increase in sales volume [2]. - The FPSoC product revenue was 0.43 billion RMB, down 3.91% year-over-year, with a slight increase in sales volume. The gross margin for FPSoC improved by 11.89 percentage points to 26.83% [2]. - The company's operating expenses ratio remained stable at 67.54% [2]. 2025 Outlook - The communication industry is still digesting inventory, but the company is expanding its customer base in the power, industrial control, and automotive markets, achieving revenue growth in these segments [3]. - A gradual recovery in communication client demand is anticipated as inventory digestion completes over the next two years [3]. - The company is enhancing its product matrix and service offerings, including a one-stop service system for FPGA/FPSoC chips, EDA software, and technical support [3]. Financial Forecasts - Revenue projections for 2025 and 2026 have been revised down to 7.16 billion RMB and 8.18 billion RMB, respectively, reflecting a decrease of 17% and 25% from previous estimates [4]. - The company is expected to generate revenue of 9.39 billion RMB in 2027 [4]. - The report indicates a projected EPS of -0.48 RMB for 2025, with a gradual improvement in net profit margins over the forecast period [6][15].

营收净利双下滑，安路科技面临增长压力 2024年，上海安路信息科技股份有限公司（以下简称"安路科技"）在复杂的市场环境中面临诸多挑战， 公司营业收入和净利润均出现下滑。年报显示，安路科技2024年实现营业收入651,816,946.01元，同比 减少6.99%；归属于上市公司股东的净利润为 -205,141,813.17元，去年同期为 -197,187,674.35元，亏损 进一步扩大。 营收下滑，市场需求疲软影响显著 从数据来看，安路科技营业收入的下滑较为明显。2024年公司实现营业收入6.52亿元，较上年同期的 7.01亿元减少了6.99%。公司方面表示，部分终端行业客户去库存周期尚未结束，下游市场各行业需求 复苏进程不一，是导致营业收入减少的主要原因。从业务板块来看，公司的主营业务集成电路行业收入 为647,171,795.37元，同比减少7.49%。其中，FPGA产品收入579,357,688.98元，下降6.65%；FPSoC产 品收入42,762,525.31元，下降3.91%；技术服务及其他收入25,051,581.08元，降幅达27.20%。 净利润亏损扩大，研发投入与市场压力并存 净利润方面 ...