【私募调研记录】亘曦资产调研灿瑞科技

Group 1 - The core viewpoint is that despite a projected revenue growth of 24.36% for 2024, the company Canyue Technology is expected to report a net loss due to intense market competition, high R&D expenses, impairment losses, and losses in the testing business [1] - Canyue Technology's revenue from smart sensor chips is expected to grow by 32.61%, while the growth rate for power management chips is only 5.04% [1] - The total cost of equity incentives for 2024 is projected to be 20.68 million yuan, which will be amortized over three years [1] Group 2 - In Q1 2025, Canyue Technology's revenue is expected to reach 125 million yuan, representing a year-on-year growth of 8.86%, with a gross margin increase to 28.12% [1] - The company is facing fierce competition in the analog chip industry and aims to enhance profit margins through both organic growth and external expansion [1] - As of now, Canyue Technology has repurchased a total of 1,155,191 shares, with a total expenditure of 31,898,161.44 yuan for the new share buyback program in 2025 [1]