Allwinner Technology (300458) 华创证券·2025-04-28 12:29Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][22]. Core Insights - The company's revenue for Q1 2025 reached 620 million yuan, representing a year-over-year increase of 51.36% and a quarter-over-quarter increase of 2.86%. The net profit attributable to shareholders was 92 million yuan, with a year-over-year growth of 86.51% and a quarter-over-quarter growth of 481.12% [6]. - The demand for semiconductors is driven by the rapid development of generative AI technologies, with WSTS predicting a global semiconductor sales growth of 11% in 2025, reaching 697.2 billion USD [6]. - The company is focusing on high-performance heterogeneous computing platforms to enhance product competitiveness, achieving mass production of various complex heterogeneous chips [6]. - The company has developed new AI algorithms and products, including a dedicated chip for robotics and a low-power integrated security chip, expanding its product offerings in AIOT and smart automotive electronics [6]. Financial Summary - The company forecasts total revenue of 2.997 billion yuan for 2025, with a year-over-year growth rate of 31.0%. The net profit attributable to shareholders is projected to be 361 million yuan, reflecting a significant year-over-year increase of 116.6% [7]. - Earnings per share (EPS) are expected to be 0.57 yuan in 2025, with a price-to-earnings (P/E) ratio of 87 [7]. - The company’s asset-liability ratio is reported at 14.45%, indicating a strong financial position [2].