Amlogic(688099) 国投证券·2025-04-23 14:30Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 97.1 CNY for the next six months [4][6]. Core Views - The company has demonstrated strong profit growth in Q1 2025, with revenue reaching 1.53 billion CNY, a year-on-year increase of 10.98%, and a net profit of 188 million CNY, up 47.53% year-on-year [1][4]. - The company is expected to benefit from the growing demand in the end-side AI industry, with projected revenues of 7.41 billion CNY, 9.26 billion CNY, and 10.74 billion CNY for 2025, 2026, and 2027 respectively [4][10]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 36.23% and invested 3.59 billion CNY in R&D, reflecting its commitment to innovation [1][4]. - The company’s revenue and net profit forecasts indicate a robust growth trajectory, with net profit expected to reach 1.02 billion CNY in 2025 [10][11]. Product Lines and Market Position - The smart home chip sales increased by over 50% year-on-year in Q1 2025, with over 10 million units shipped [2]. - The company has a strong market presence in various product lines, including the S series, T series, A series, and W series, with significant sales growth reported across these categories [3][4]. R&D and Competitive Advantage - The company maintains high R&D investment, with 13.52 billion CNY allocated in 2024, which supports its competitive edge in the semiconductor industry [1][4]. - Key products such as the 6nm S905X5 series and 8K S928X chips are expected to drive sales growth, with the S905X5 series projected to exceed 10 million units in 2025 [3][4].