FHM(300613) 光大证券·2025-02-02 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has launched the MC6350 smart glasses chip at CES 2025, which addresses key pain points in the smart glasses market with ultra-low power consumption, compact size, and superior image quality [1]. - The company is experiencing a recovery in shipment volumes as customer inventory levels decrease, with a focus on expanding product lines and applications in various sectors, including smart vehicles [2]. - Profit forecasts for 2024-2025 have been revised downwards due to ongoing inventory adjustments, but a positive outlook remains for future growth driven by the new smart glasses chip [3]. Summary by Sections Company Overview - Shanghai Fuhang Microelectronics has introduced the MC6350 chip, which features a 12nm low-power process, reducing power consumption to one-fourth of current market leaders, and a compact size of 8x8mm [1]. - The chip integrates 256MB DDR and enhances image quality, particularly in low-light conditions, leveraging the company's expertise in ISP technology [1]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 186 million yuan, a year-on-year decline of 3.49%, while net profit increased by 3.27% to 26 million yuan [2]. - The smart vehicle segment saw significant growth, with sales revenue of 113 million yuan in H1 2024, up 55.07% year-on-year [2]. Profit Forecasts and Valuation - The revised net profit forecasts for 2024 and 2025 are 259 million yuan and 316 million yuan, respectively, with a new forecast for 2026 at 403 million yuan [3]. - The current market capitalization corresponds to PE ratios of 56, 46, and 36 for 2024, 2025, and 2026, respectively [3].