Rockchip(603893) 开源证券·2025-04-29 07:14Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a significant revenue increase of 46.94% year-on-year in 2024, reaching 3.136 billion yuan, and a net profit increase of 341.01%, totaling 595 million yuan. The growth was driven by AIoT computing platforms such as RK3588, RK356X, and RV11 series [5] - In Q1 2025, the company reported a revenue of 885 million yuan, a year-on-year growth of 62.95%, with a gross margin reaching a historical high of 40.95% [5] - The company is expected to continue its growth trajectory, with projected revenues of 4.224 billion yuan, 5.486 billion yuan, and 7.018 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 910 million yuan, 1.196 billion yuan, and 1.531 billion yuan for the same years [5] - The company maintains a strong focus on R&D, with expenses of 569 million yuan in 2024, consistently investing around 20% of its revenue in R&D over the past decade [6] - The rapid development of edge AIoT presents new opportunities, particularly in automotive electronics and robotics, with multiple projects already in progress [7] Financial Summary and Valuation Metrics - In 2024, the company reported a gross margin of 37.6% and a net margin of 19.0%, with a return on equity (ROE) of 16.8% [9] - The projected P/E ratios for 2025, 2026, and 2027 are 73, 56, and 44 respectively, indicating a strong growth outlook [5][9] - The company’s total market capitalization is approximately 64.465 billion yuan, with a circulating market capitalization of 64.433 billion yuan [1]