Telink Semiconductor(Shanghai) (688591) 民生证券·2025-01-24 01:42Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of 844 million yuan, a 33% increase year-on-year, and a net profit of 97 million yuan, representing a 95% increase [1]. - The company has successfully expanded its overseas customer base, leading to high growth in both revenue and gross profit, with a projected gross margin of 48.30% for 2024, up 4.80 percentage points year-on-year [2]. - New product launches and applications are expected to open up growth opportunities, particularly in the audio chip segment, which is projected to grow over 60% year-on-year [3]. - The introduction of edge AI chips and a development platform marks the company's entry into the edge AI market, enhancing its product offerings and market potential [4]. Summary by Sections Financial Performance - The company forecasts a total revenue of 844 million yuan for 2024, with a growth rate of 32.7% [6]. - The projected net profit for 2024 is 97 million yuan, reflecting a growth rate of 95% [6]. - The gross margin is expected to reach 48.30% in 2024, the highest since 2021 [2]. Product Development - The company has launched new edge AI chips and a machine learning platform, integrating AI capabilities into smart home and audio products [4]. - The audio chip business has shown remarkable growth, with sales expected to increase by over 60% compared to 2023 [3]. Market Expansion - The company has made significant strides in expanding its overseas market presence, contributing to increased revenue and profit [2]. - It is actively exploring new vertical markets, including healthcare and energy-saving sectors, to diversify its revenue streams [3].