ASR(688220) 华鑫证券·2025-01-24 10:16Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company is expected to achieve a revenue of approximately 3.386 billion yuan in 2024, representing a year-on-year growth of about 30.23%. However, it anticipates a net loss of around 673 million yuan, which is an increase of approximately 33.14% compared to the previous year [5] - The company has a strong focus on wireless communication technology and has developed capabilities in ultra-low power SoC chip design, which enhances its competitive edge [6][7] - The company plans to invest approximately 1.241 billion yuan in R&D in 2024, reflecting a year-on-year increase of about 11.18% [7] Summary by Sections Market Performance - The current stock price is 65.7 yuan, with a total market capitalization of 27.5 billion yuan and a total share count of 418 million [2] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 3.386 billion yuan, 4.405 billion yuan, and 6.118 billion yuan, respectively, with corresponding EPS of -1.61 yuan, -0.65 yuan, and 0.41 yuan [8][12] - The company is expected to experience a revenue growth rate of 30.2% in 2024 and 30.1% in 2025 [12] Investment Highlights - The company has made significant advancements in its chip product offerings, particularly in the cellular IoT market, leading to substantial sales growth [7] - The company has developed a comprehensive wireless communication chip R&D system, covering various technologies including WiFi, Bluetooth, and GPS [6]