Amlogic(688099) 民生证券·2025-04-21 06:34Investment Rating - The report maintains a "Recommended" rating for the company, considering the recovery in downstream demand and the excellent performance of new products [4][6]. Core Insights - The company achieved steady growth in revenue and profit, with a 10.98% year-on-year increase in revenue to 1.53 billion yuan in Q1 2025 and a 47.53% increase in net profit to 188 million yuan [1]. - In 2024, the company reported a total revenue of 5.93 billion yuan, a 10.34% increase year-on-year, and a net profit of 822 million yuan, reflecting a 65.03% growth [1][2]. - The demand for smart home technology is driving revenue and profit growth, with Q1 2025 revenue and net profit maintaining high growth rates, particularly in smart home chip sales, which increased by over 50% year-on-year [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.53 billion yuan, up 10.98% year-on-year and 18.93% quarter-on-quarter, with a net profit of 188 million yuan, up 47.53% year-on-year but down 17.52% quarter-on-quarter [1]. - For the full year 2024, the company achieved revenue of 5.93 billion yuan, a 10.34% increase, and a net profit of 822 million yuan, a 65.03% increase [1][5]. Market Expansion and Product Development - The company has invested over 10 billion yuan in R&D for three consecutive years, totaling 3.82 billion yuan, leading to successful market performance of several strategic new products [3]. - The S series chips have gained significant market share in domestic and international markets, while the T series saw a year-on-year sales increase of over 30% [3]. Future Outlook - The company expects continued growth in Q2 2025 and throughout 2025, driven by the launch of new products and improved operational efficiency [2][4]. - Profit forecasts for 2025-2027 are adjusted to 1.05 billion yuan, 1.43 billion yuan, and 1.77 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 16 [4][5].