Ingenic(300223) 中银国际·2025-04-22 10:47Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 67.89 and an industry rating of outperforming the market [1][3]. Core Views - The company's performance in 2024 is expected to decline due to the industry's market downturn, but its forward-looking multi-dimensional product layout is anticipated to benefit from the release of AI edge-side demand, justifying the "Buy" rating [3][5]. Financial Summary - The company is projected to achieve revenues of RMB 50.15 billion, RMB 56.87 billion, and RMB 64.48 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 5.42 billion, RMB 6.27 billion, and RMB 7.30 billion [5][7]. - The revenue growth rates are expected to be -16.3% in 2023, -7.0% in 2024, followed by 19.1% in 2025, and 13.4% in both 2026 and 2027 [7][8]. - The company's EBITDA is forecasted to be RMB 714 million in 2025, RMB 803 million in 2026, and RMB 906 million in 2027 [7][8]. Market Position and Strategy - The company is accelerating its layout in AI edge-side products, with a continuous improvement in its product line. The sales of computing chips in various fields are expected to grow, while the security monitoring sector may experience slight declines due to demand fluctuations [8]. - The company is focusing on the mid-to-low-end market with its T23 product and has introduced the T32 IPC chip, which is designed for high cost-performance in the security market [8]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 60.3, 52.1, and 44.8 respectively, indicating a potential for valuation improvement as the market stabilizes [5][7]. - The company’s net profit margin is expected to recover to 10.8% in 2025, 11.0% in 2026, and 11.3% in 2027 [8].