安凯微：智驭端侧，携手扬帆

Investment Rating - The report initiates coverage with a "Buy" rating for the company [19]. Core Views - The company is positioned to benefit from the accelerating demand for intelligent hardware driven by AI applications, with the smart hardware market in China expected to exceed 2 trillion RMB by 2026 [5]. - The company specializes in the research, design, testing, and sales of IoT smart hardware core SoC chips, with current products including IoT camera chips and IoT application processor chips [5]. - The introduction of the second-generation chip series, featuring dual-core RISC-V architecture and integrated AI capabilities, aligns with the trend towards edge intelligence [5]. - The company has launched a comprehensive smart lock solution, which is expected to see significant business growth in the coming year [5]. - Continuous product iterations are aimed at reducing power consumption and enhancing market competitiveness, with advancements in manufacturing processes [5]. Financial Summary - The company is projected to achieve net profits of 30 million, 70 million, and 100 million RMB for the years 2024, 2025, and 2026 respectively [5]. - Revenue is expected to decline by 9.14% in 2024, followed by a recovery with growth rates of 35% and 30% in 2025 and 2026 respectively [6]. - The EBITDA is forecasted to be negative in 2024 but will rebound significantly in the following years [6]. - The company’s asset-liability ratio stands at 8.3%, indicating a strong financial position [3].