Rockchip(603893) 国投证券·2025-04-24 09:15Investment Rating - The investment rating for the company is "Buy-A" with a target price of 181.9 CNY, maintaining the rating [4][8]. Core Views - The company reported a significant increase in Q1 2025 revenue of 885 million CNY, up 62.95% year-on-year, and a net profit of 209 million CNY, up 209.65% year-on-year, with a gross margin of 40.95% [1]. - The growth in the AIoT market is driven by the open-sourcing of AI models like Deepseek, leading to rapid advancements in edge and AIoT applications across various sectors such as automotive electronics and industrial vision [2]. - The flagship chip RK3588 is experiencing rapid growth, contributing to the overall performance of the AIoT product lines, with expectations for continued benefits from the AIoT industry trends [3]. Financial Projections - Revenue projections for the company are estimated at 4.234 billion CNY, 5.293 billion CNY, and 6.616 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits of 916 million CNY, 1.19 billion CNY, and 1.545 billion CNY for the same years [4][10]. - The company is expected to maintain a high growth rate in revenue, with a projected growth rate of 35% in 2025 and 25% in the following years [10]. Market Position - The company is positioned as a leading domestic SoC enterprise, focusing on the AI sector and benefiting from the increasing demand for AI computing power [4][8]. - The company has a comprehensive product lineup across high-end, mid-high-end, mid-range, and entry-level SoC platforms, which is expected to enhance its market presence [3].