BPSemi(688368) 长城证券·2025-03-18 06:10Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Insights - The company achieved a revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. Although the net profit attributable to shareholders remained negative at -33 million yuan, it marked a significant reduction in losses compared to the previous year [2][4]. - The overall gross margin improved to 37.12%, an increase of 11.45 percentage points year-on-year, primarily due to product structure optimization and cost reductions [2][3]. - The company is actively enhancing its product structure across four major product lines, with significant growth in the AC/DC power chip and motor control chip businesses [3][4]. Financial Performance Summary - Revenue projections for 2025-2027 are 1.936 billion yuan, 2.362 billion yuan, and 2.504 billion yuan, respectively, with growth rates of 28.8%, 22.0%, and 6.0% [1][9]. - The net profit attributable to shareholders is expected to turn positive in 2025, reaching 96 million yuan, with a projected EPS of 1.09 yuan [1][9]. - The company has increased its R&D expenditure to 400 million yuan in 2024, a year-on-year increase of 36.04%, reflecting its commitment to innovation [2][4]. Business Development and Strategic Moves - The company initiated a significant asset restructuring in October 2024, planning to acquire 100% of Yichong Technology, which is expected to enhance product complementarity and market collaboration [4]. - Additionally, the company signed an agreement to acquire a 19.19% stake in Lingou Chuangxin for 143 million yuan, aiming to optimize resource allocation and improve profitability [4].