ArcSoft(688088) 信达证券·2025-04-23 07:33Investment Rating - The investment rating for the company is "Buy" based on its strong performance relative to the benchmark index [9] Core Views - The company achieved a revenue of 815 million yuan in 2024, representing a year-on-year growth of 21.62%, and a net profit attributable to shareholders of 177 million yuan, which is a 99.67% increase [1] - The company's intelligent driving and IoT visual solutions are expected to generate significant revenue growth, with projected income of 127 million yuan in 2024, reflecting a 71.2% increase [1] - The TurboFusion technology has seen increased penetration across various models, enhancing the company's competitive edge in the imaging sector [1] Financial Summary - Total revenue is projected to grow from 670 million yuan in 2023 to 1.5 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24.4% [3] - The net profit attributable to shareholders is expected to rise from 88 million yuan in 2023 to 327 million yuan in 2027, indicating a strong growth trajectory [3] - The company's gross margin is forecasted to remain stable around 90% over the next five years [3] Earnings Forecast - The expected earnings per share (EPS) for 2025 is 0.54 yuan, with corresponding price-to-earnings (P/E) ratios of 80.47, 66.38, and 53.24 for the years 2025, 2026, and 2027 respectively [2][3]