On October 11th, Rockchip released its performance forecast for the first three quarters of this year after the market closed. The announcement showed that, according to preliminary calculations by its finance department, it is expected to achieve operating income of about 2.16 billion yuan in the first three quarters of 2024, an increase of about 706 million yuan compared to the same period last year, a year-on-year increase of about 48.50%. Among them, the operating income achieved in the third quarter was about 912 million yuan, a year-on-year increase of about 51.42%, and a quarter-on-quarter increase of about 29.18%.
In terms of net profit attributable to the parent company, the net profit attributable to the parent company in the first three quarters of 2024 is expected to be between 340 million yuan and 360 million yuan, an increase of 263 million yuan to 283 million yuan compared to the same period last year, a year-on-year increase of 339.75% to 365.62%. Among them, the net profit attributable to the parent company achieved in the third quarter was between 157 million yuan and 177 million yuan, a year-on-year increase of 199.39% to 237.47%, and a quarter-on-quarter increase of 36.57% to 53.95%.
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Rockchip is an enterprise of IoT (Internet of Things) and AIoT (Artificial Intelligence Internet of Things) processor chips, mainly supplying companies such as Alibaba, BYD, Baidu, and Anker Innovation.
Regarding the reason for the significant increase in performance, Rockchip stated that in the first three quarters of 2024, the demand for AIoT product lines showed a collective increase. The third quarter is the traditional peak season for the industry. The increase in sales of the company's products in the automotive electronics, industrial, industry, and consumer markets has led to a record high in the revenue scale of the third quarter, and its net profit has achieved a breakthrough growth.
Rockchip further pointed out that the company's newly launched AIoT chip products have been quickly introduced into the top customers in the target fields, forming new increments, and will continue to release incremental value in the future.
In addition to Rockchip, many A-share listed companies are also deploying in the AIoT chip field, including Leshin Shares, Jingchen Shares, and Quanzhi Technology. These companies all showed a significant increase in net profit in the first half of this year.
In the first half of 2024, Leshin Shares' net profit attributable to the parent company was 206 million yuan, a year-on-year increase of more than 110%; Jingchen Shares' net profit attributable to the parent company was 490 million yuan, a year-on-year increase of more than 120%; Quanzhi Technology's net profit attributable to the parent company was 168 million yuan, while it lost 59 million yuan in the same period last year.
This year, the significant increase in net profits of many companies means that the downstream market of AIoT chips is rapidly recovering. Counter Point Senior Analyst Ivan Lam said that compared to the downstream market situation in 2023, the market demand in 2024 has become significantly more vigorous. In addition, he said that with the government's strong support for downstream applications, the market demand continues to improve, and the industry is expected to have a good performance in the fourth quarter.
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