ASR(688220) 新浪财经·2025-05-08 10:30Core Viewpoint - The company reported a revenue of 910 million yuan in Q1 2025, showing a year-over-year increase of 9.61% and a quarter-over-quarter increase of 7.55%, while the net profit attributable to shareholders was a loss of 122 million yuan, narrowing the loss by 2.43% year-over-year and 56.43% quarter-over-quarter [1] Group 1: Financial Performance - In Q1 2025, the company's revenue from cellular baseband chips grew by over 20% year-over-year, but overall revenue growth was slightly below 10% due to lower revenue from customized chip projects [1][2] - The gross margin for the chip business improved significantly in Q1 2025, with the overall gross margin rising to 26.35%, an increase of 2.56 percentage points year-over-year and 3.96 percentage points quarter-over-quarter [2] - R&D expenses increased to 357 million yuan in Q1 2025, reflecting a year-over-year increase of 12.88% and a quarter-over-quarter increase of 5.93%, with an R&D expense ratio of 39.26% [2] Group 2: Market Outlook - In 2025, the company aims to focus on new directions such as wearables and smartphones, with a robust order book for customized chips [3] - The company is expected to see growth in demand from sectors like vehicle networking, mobile broadband devices, and mobile payments, with new product launches in the wearable market [3] - The company plans to scale up its 5G RedCap products and has a strong pipeline for its smartphone platforms, indicating significant revenue contributions in 2026 [3] Group 3: Investment Recommendations - The target price is set at 115.7 yuan, maintaining a "buy" rating, with revenue forecasts for 2025, 2026, and 2027 at 4.398 billion yuan, 5.602 billion yuan, and 6.723 billion yuan respectively [4] - The company is expected to strengthen its leading position in the cellular IoT market and achieve breakthroughs in the wearable and smartphone SoC markets [4]