Ingenic(300223) 华创证券·2025-04-22 05:15Investment Rating - The report maintains a "Recommendation" rating for Beijing Junzheng, with a target price of 85.84 CNY, compared to the current price of 67.89 CNY [3][7]. Core Views - The company is advancing its platform strategy and leveraging AI to drive new growth momentum. Despite facing industry headwinds, the company demonstrates operational resilience and maintains solid profitability [2][7]. - The global consumer electronics market is experiencing varied demand dynamics, with AI technology propelling overall market growth, while certain segments like security monitoring show unstable demand [7][8]. - The company’s revenue for 2024 is projected at 4.213 billion CNY, a year-over-year decrease of 7.03%, with a net profit of 366 million CNY, down 31.84% year-over-year [7][8]. Financial Summary - 2024 Financial Performance: - Total revenue: 4.213 billion CNY (YoY -7.03%) - Net profit: 366 million CNY (YoY -31.84%) - Non-recurring net profit: 312 million CNY (YoY -36.52%) [7][8]. - Quarterly Performance: - Q4 2024 revenue: 1.011 billion CNY (YoY -8.97%, QoQ -7.58%) - Q4 2024 net profit: 62 million CNY (YoY -63.41%, QoQ -42.22%) [7][8]. - Revenue Breakdown: - Computing chips: 1.09 billion CNY (YoY -1.65%), gross margin 33.02% - Storage chips: 2.589 billion CNY (YoY -11.06%), gross margin 34.55% - Analog and interconnect chips: 472 million CNY (YoY +15.31%), gross margin 49.61% [7][8]. - Future Projections: - Expected revenue for 2025-2027: 5.167 billion CNY, 6.122 billion CNY, and 7.110 billion CNY respectively - Expected net profit for 2025-2027: 510 million CNY, 673 million CNY, and 834 million CNY respectively [8][9]. Research and Development - The company is focusing on core technology development and expanding its product matrix, including advancements in RISC-V technology and new AI-ISP products for video applications [7][8]. - New storage chip products are being developed to meet the demand for high-capacity DRAM, with plans to provide engineering samples by 2025 [7][8]. Market Position - The company maintains a strong competitive position in the integrated circuit market, supported by its technological capabilities and product offerings, despite the cyclical downturn in the industry [7][8].