Allwinner Technology (300458) 民生证券·2025-04-24 14:21Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Insights - The company achieved a revenue of 620 million yuan in Q1 2025, representing a year-on-year growth of 51.36% and a quarter-on-quarter growth of 2.86%. The net profit attributable to the parent company was 92 million yuan, with a year-on-year increase of 86.51% and a quarter-on-quarter increase of 481.13% [1]. - For the full year 2024, the company reported a revenue of 2.288 billion yuan, an increase of 36.76% year-on-year, and a net profit of 167 million yuan, which is a significant year-on-year growth of 626.15% [2]. - The company is focusing on the smart application market, leveraging advancements in AI technology to drive growth in various sectors including smart automotive electronics, industrial control, and consumer electronics [2][4]. Financial Performance Summary - The company’s revenue and profit are expected to continue growing, with projected net profits of 322 million yuan, 494 million yuan, and 667 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 96, 63, and 47 [4][5]. - The revenue growth rates are projected at 30.1% for 2025, 26.8% for 2026, and 22.1% for 2027 [5]. - The company has successfully developed new AI algorithms and products, enhancing its competitive position in the market [3][4]. Product and Market Development - The company has introduced new products such as the MR536 chip for robotics and the T536 chip for industrial control, which integrate advanced NPU capabilities [3]. - Collaborations with major industry players like Xiaomi, Tencent, and Alibaba are ongoing, focusing on AI applications in voice and vision [4]. Future Outlook - The company is committed to its "SoC+" and "Smart Big Video" strategies, aiming for continuous innovation and market expansion [2][4]. - The report anticipates sustained performance growth driven by ongoing product iterations and recovery in downstream demand [4].