Ingenic(300223) 新浪财经·2025-04-22 04:37Core Viewpoint - The company reported a decline in revenue and profit for 2024, attributed to industry cyclical lows, but anticipates gradual recovery in 2025 due to new demand in various sectors [1][2]. Financial Performance Summary - For 2024, the company achieved revenue of 4.21 billion, a year-on-year decrease of 7.0%, and a net profit attributable to shareholders of 370 million, down 31.8% year-on-year. The non-recurring net profit was 310 million, reflecting a 36.5% decline [1]. - In Q4 2024, revenue was 1.01 billion, a decrease of 9.0% year-on-year and 7.6% quarter-on-quarter. The net profit attributable to shareholders was 60 million, down 63.4% year-on-year and 42.2% quarter-on-quarter. The non-recurring net profit was -6 million, indicating a 104.2% decline year-on-year and 105.1% quarter-on-quarter [1]. Industry Outlook - The automotive, industrial, and medical sectors are currently experiencing low market conditions, leading to revenue declines for the company. Additionally, increased stock-based compensation and depreciation from acquisitions have negatively impacted profit performance [1]. - The industry has been in a down cycle for over two years, with ongoing inventory destocking. However, new demands in smart driving, data centers, and industrial automation are expected to contribute to a gradual market recovery in 2025 [1]. Product Development and Growth Potential - The company is actively developing new products such as 3D AI DRAM to meet the rising demand for AI computing and storage bandwidth. It has completed mass production of 8Gb DDR4 and 16Gb LPDDR4 products and is advancing the development of new DRAM products across various process nodes [2]. - Emerging applications for DRAM, SRAM, and Flash memory in robotics are also being explored, providing additional growth opportunities [2]. Investment Forecast - Due to the slow recovery of market demand, the company has adjusted its profit forecasts, expecting net profits attributable to shareholders of 450 million, 560 million, and 700 million for 2025-2027, with corresponding PE ratios of 72, 58, and 46 times [2].