Rockchip(603893) Huajin Securities·2024-04-16 16:00Investment Rating - The investment rating for the company is "Buy" with a maintained rating of A [1][2]. Core Views - The company is expected to achieve revenue of approximately 540 million to 550 million yuan in Q1 2024, representing a year-on-year increase of about 64% to 67% [1]. - The net profit attributable to the parent company is projected to be between 60 million and 70 million yuan, a significant recovery from a loss of 18.38 million yuan in the same period last year [1]. - The overall market demand is recovering, and the company's product matrix is continuously improving, which is expected to drive growth in the AIoT sectors [1][2]. Financial Performance Summary - In 2023, the company achieved revenue of approximately 2.13 billion yuan, a year-on-year increase of 5.17%, while the net profit attributable to shareholders was 134.89 million yuan, a decline of 54.65% [1][3]. - The company anticipates revenue growth of 27.1%, 34.6%, and 30.0% for the years 2024, 2025, and 2026, respectively, with projected revenues of 2.71 billion yuan, 3.65 billion yuan, and 4.75 billion yuan [2][3]. - The gross profit margin is expected to improve from 34.2% in 2023 to 36.0% in 2024, and further to 40.0% by 2026 [3]. Product Development and Market Position - The company has launched several new products, including the RK3576 processor, which supports advanced features such as 4K 120Hz display and 8K decoding capabilities [1]. - The company is positioned as a leading player in the domestic SoC market, with a strong focus on AI and IoT applications, which are expected to see significant growth in demand [2][3].