Rockchip(603893)2024-10-14 07:39Investment Rating - The investment rating for the company is maintained at "Buy - A" [1]. Core Views - The company is expected to achieve record high revenue in Q3 2024, with a significant release of demand for multiple product models [1]. - The forecast for the first three quarters of 2024 indicates an estimated revenue of approximately 2.16 billion yuan, representing a year-on-year increase of about 48.50% [1]. - The net profit attributable to the parent company for the same period is projected to be between 340 million and 360 million yuan, reflecting a substantial year-on-year growth of approximately 339.75% to 365.62% [1]. - The company is benefiting from continuous growth in AIoT, particularly in automotive electronics and other markets, contributing to the expected revenue and profit increases [1][2]. Financial Performance Summary - For Q3 2024, the company anticipates revenue of approximately 911.4 million yuan, a year-on-year increase of about 51.42% and a quarter-on-quarter increase of about 29.18% [1]. - The net profit for Q3 is expected to be around 157.23 million to 177.23 million yuan, with a year-on-year growth of approximately 199.39% to 237.47% [1]. - The company’s revenue forecasts for 2024-2026 have been revised upwards, with expected revenues of 3.052 billion yuan, 4.014 billion yuan, and 5.198 billion yuan respectively [2]. - The net profit forecasts for the same period have also been adjusted to 520 million yuan, 782 million yuan, and 1.148 billion yuan respectively [2]. Business Development Insights - The company is experiencing a collective growth in demand across its AIoT product lines, with flagship products like the RK3588 series entering a demand release phase [2]. - The introduction of new product models such as RK3576, RK2118, and RV1103B is expected to enhance market share and drive future growth [2]. - The company is positioned as a leading domestic SoC manufacturer, with a promising outlook for growth driven by increasing computational demands in society [2].