[Event Description]
The company released its Q1 2025 report.The net profit attributable to shareholders in Q1 was 91.552 million yuan, a year-on-year increase of 86.51%; the net profit excluding non-recurring items was 56.178 million yuan, a year-on-year increase of 223.62%.
[Event Commentary]
Active expansion in multiple downstream sectors leads to significant profit growth.The company’s main business is actively expanding new demands in various fields such as automotive electronics, robotic vacuum cleaners, and smart projectors. In Q1, related downstream revenue increased by approximately 50% year-on-year, with a recovery in downstream demand and significant improvements in profitability due to economies of scale.
AI terminals broaden downstream demand, with continuous breakthroughs in industrial, automotive, and consumer sectors.The company’s products are widely used in various markets including smart hardware, intelligent robots, and smart home appliances, with a diversified customer base. In the robotics sector, the company launched the MR series dedicated chips for robots, enhancing multi-dimensional sensor perception capabilities and improving the layout of robot chips. In the industrial sector, the T series dedicated chips were introduced to support upgrades in industrial scene perception, cognition, and control. In the automotive electronics sector, the company’s chips have achieved large-scale production in modules such as AR-HUD and smart headlights.
[Investment Recommendation]
It is expected that the company’s net profit attributable to shareholders will reach 365 million, 468 million, and 625 million yuan from 2025 to 2027, representing year-on-year growth of 119.0%, 28.1%, and 33.6%, respectively, with PE ratios of 87.7, 68.4, and 51.2 times. Considering the company’s active layout in the AI edge SoC field and the establishment of a comprehensive AI product matrix, we initiate coverage with a “Buy-A” rating.
[Risk Warning]
Risks include global macroeconomic fluctuations, intensified international trade frictions, research and development progress falling short of expectations, and increased industry competition.
Financial Data and Valuation
Source: Zuowen, Shanxi Securities Research Institute
Summary of Financial Statement Forecasts and Valuation Data
Source: Zuowen, Shanxi Securities Research Institute
Analyst: Gao Yuyang
Registration Code: S0760523050002
Research Assistant: Tian Faxiang
Email: [email protected]
Report Release Date: April 24, 2025
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