Ingenic(300223) 东方证券·2025-02-16 10:10Investment Rating - The report maintains a "Buy" rating for the company with a target price of 84.49 CNY based on a projected average PE of 71 for comparable companies in 2025 [3][6]. Core Views - The company is expected to experience a decline in earnings per share (EPS) for 2024, with projections of 0.90 CNY, followed by a recovery to 1.19 CNY in 2025 and 1.38 CNY in 2026. This adjustment is primarily due to a downturn in industry conditions, leading to a downward revision of revenue forecasts across its main business segments [3][9]. - The company is actively expanding its three main product lines, focusing on the consumer market for computing chips, automotive applications for storage chips, and maintaining a competitive edge in analog interconnect products [8][9]. Financial Summary - The company's revenue for 2022 was 5,412 million CNY, with a forecasted decline to 4,531 million CNY in 2023, followed by a slight decrease to 4,378 million CNY in 2024, before rebounding to 5,185 million CNY in 2025 and 6,136 million CNY in 2026 [5][12]. - Operating profit is projected to decrease from 814 million CNY in 2022 to 545 million CNY in 2023, with a further decline to 472 million CNY in 2024, before increasing to 628 million CNY in 2025 and 736 million CNY in 2026 [5][12]. - The net profit attributable to the parent company is expected to drop from 789 million CNY in 2022 to 537 million CNY in 2023 and 434 million CNY in 2024, with a recovery to 572 million CNY in 2025 and 667 million CNY in 2026 [5][12]. - The gross margin is projected to remain stable, with values of 38.6% in 2022, 37.1% in 2023, and gradually increasing to 37.9% by 2026 [5][12].