Rockchip(603893) KAIYUAN SECURITIES·2024-08-28 06:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved rapid growth in H1 2024, with revenue of 1.249 billion yuan, a year-on-year increase of 46.44%, and a net profit attributable to shareholders of 183 million yuan, a year-on-year increase of 636.99% [5][6] - The market conditions have significantly improved, and the company is expected to benefit from the launch of new products, maintaining a positive outlook for growth [5][6] Financial Performance Summary - In H1 2024, the company reported revenue of 1.249 billion yuan, up 46.44% year-on-year; net profit attributable to shareholders was 183 million yuan, up 636.99% year-on-year; and non-recurring net profit was 177 million yuan, up 1079.15% year-on-year [5] - The gross margin for H1 2024 was 35.91%, an increase of 1.99 percentage points year-on-year [5] - For Q2 2024, the company achieved revenue of 706 million yuan, a year-on-year increase of 34.83% and a quarter-on-quarter increase of 29.91% [5] Market and Product Development - The company is benefiting from a recovery in market conditions, with significant growth in its AIoT product line, particularly the flagship RK3588 chip [6] - New products such as the RK3576 and RK2118 chips are expected to drive growth in H2 2024, with ongoing improvements in gross margin anticipated due to product mix adjustments and supply chain support [7] - The company is positioned as a leader in AIoT SoC, with a comprehensive product matrix that includes various performance levels of CPUs, GPUs, and self-developed NPUs [7] Financial Forecasts - Revenue projections for 2024-2026 are updated to 5.06 billion yuan, 8.44 billion yuan, and 12.49 billion yuan, respectively, with corresponding P/E ratios of 42.8, 25.6, and 17.3 [5][8] - The company is expected to see a significant increase in net profit, with forecasts of 506 million yuan, 844 million yuan, and 1.249 billion yuan for 2024, 2025, and 2026, respectively [8]