Jingchen Co. (688099): a domestic leading company in multimedia intelligent SOC chips

Leading domestic multimedia SOC chip companies can expect future growth.

The company’s main business is the research and development, design and sales of multimedia smart terminal SoC chips. The chip products are mainly cutting-edge areas such as smart set-top boxes, smart TVs and AI audio and video system terminals. The business covers China, Hong Kong, the United States, Europe and other globalMajor economic regions.

The company is a global layout, a leading domestic integrated circuit designer, a leader in smart set-top box chips, a leader in smart TV chips, and a pioneer in AI audio and video system terminal chips.

The business model is clear and customer 北京桑拿洗浴保健 maturity is high.

The company’s business model is clear and stable, with regional advantages and market resources spreading globally, and has accumulated world-renowned domestic and foreign customer groups.

The products of Xiaomi, Alibaba, Baidu, Haier, TCL, Skyworth, ZTE, Google, Amazon and other companies have adopted the company’s chips. China Mobile, China Unicom, China Telecom, Russia Telecom, India Reliance and other telecommunications operators have also adoptedSmart set-top box products loaded with company chips.

The application market has grown rapidly and the competitive landscape is good.

Thoroughly, through the continuous improvement of global network infrastructure and the rapid development of Internet technology, the market size of network set-top boxes has continued to expand.

In the future, the network set-top boxes in India, Southeast Asia and other countries and regions will continue to expand, and the global network set-top box market will continue to grow rapidly.

Investment suggestion company is a domestic leading company of multimedia SOC. We expect the company to achieve net profit in 19-21.

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500 million, corresponding to the current market value of PE is 99, 89, 68 times, the first coverage given a “strong recommendation” level.

Risk warnings 1) Camera algorithms are integrated by chip manufacturers and terminal manufacturers; 2) More artificial intelligence companies enter the field leading to fierce price wars; 3) The pace of camera innovation is reduced, and the demand for new algorithms is reduced.

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